China’s Nov exports and imports shrink further, worse than forecasts
BEIJING: China’s exports in November contracted 8.7 per cent from a year earlier, while imports tumbled 10.6 per cent, both missing expectations by large margins, customs data showed on Wednesday (Dec 7).
Analysts in a Reuters poll had expected exports to shrink 3.5 per cent after a 0.3 per cent loss in October due to cooling global demand. Imports were forecast to have contracted by an even larger 6.0 per cent from a 0.7 per cent fall in October, hurt by sluggish consumption at home amid widespread COVID-19 restrictions and a protracted property slump.
China posted a trade surplus of US$69.84 billion in November, compared with a forecast US$78.1 billion surplus in the poll and a US$85.15 billion surplus in October.