Here is the chart:
The main culprit is sluggish domestic demand in China. Chinese consumers have slammed their wallets shut, and are instead focused on repaying their existing debts. Domestic demand in China has collapsed, and it is nt clear if it will recover in the short term (next three years).
In desperation, Chinese businesses are cutting prices to gain sales and market share abroad.
But how long can this last?
No foreign country will tolerate this sort of subsidised "dumping" for long.
There has been much press focus on the incoming Trump administration (the inaguration is on 20th Jan 2025).
In truth, the surge in Chinese exports affects Europe and the developing world more than the US (where Biden has not only maintained the tariffs of the first Trump administration, but added additional ones of their own).
So the pushback to China will come from Europe and the developing world.
The European Union has already put tariffs on Chinese electric vehicle cars. The big question, is, will other countries follow suit.
For countries in Africa and South America, with no car manufacturing, it makes sense to allow cheap Chinese imports.
But if you are the European Union or the United States, this represents a catastrophic loss of market share in the rest of the world.
The EU is weak and cannot defend it's companies. But what about the United States? Will Trump allow US industry to go kaput?
Or will he seek to forge an anti-China alliance, to thwart Chinese influence. South east asia will be key, as will Africa and South America (places tha the Trump team have worringly ignored.