China trade: exports and imports contract in November, as ‘bumpy reopening’ clouds outlook
- The decline comes amid weakening global trade momentum as high inflation eats into demand in developed countries
- Analysts expect exports will stay weak in the next few months as China pivots away from zero-Covid and reopens
China’s exports and imports fell sharply in November due to coronavirus disruptions at home and weak global demand, with the country’s pandemic-driven export boom appearing to be over.
The decline comes amid weakening global trade momentum as high inflation eats into demand in developed countries, according to Ding Shuang, chief Greater China economist at Standard Chartered Bank.
“On the whole, the global economy is slowing down,” he said. “In Europe and the United States, the tightening of their monetary policy has not yet finished, so the downturn in Chinese exports will continue for a relatively long time.”
Shipments to the US tumbled by 25.43 per cent in November compared to the same period last year, while exports to the European Union fell by 10.62 per cent year on year, customs data showed.