China’s exports and imports both fell in September compared to a year ago. Official data showed imports and exports sliding 6.2 percent. an official told reporters at a briefing that China’s foreign trade would see “a lot of challenges” in the rest of the year.
Volkswagen Sees Decline in China Market
Meanwhile, German car maker Volkswagen is delivering fewer vehicles in China—its top market. The decline totaled 5.8 percent, but its deliveries in Europe and the U.S. saw strong demand.
Two other high-end German carmakers—Mercedes-Benz and BMW—said their third-quarter sales in China also fell.
China has become a tough market for automakers, as it deals with uncertain consumer demand and supply chain issues.
Apple CEO Visits China Amid Rising Challenges
China’s commerce minister Wang Wentao just met with Apple CEO Tim Cook in Beijing on Wednesday.
Marking his second time visiting China this year.
In 2022 alone, almost one out of every $5 Apple earned came from China, but that might change this year.
Launched less than a month ago, the latest model of Apple’s flagship product—iPhone 15—is facing rising challenges in China.
The sales have already shown a 4.5 slowdown compared to iPhone 14.