China’s Commerce Ministry: Rising global recession risks exert greatest pressure on foreign trade

China’s Commerce Ministry said in a statement on Thursday,  “the rising risk of a global recession and the continued slowdown in external demand growth is the greatest pressure on the growth of foreign trade.”

“China expects the size of 2022 exports and imports to be record high,” the Ministry said.

Market reaction

In reaction to these above comments and a broad-based US Dollar recovery, AUD/USD is down 0.06% on the day at 0.6894.