China’s exports continued to fall in November amid disruption in production lines and operations due to the new wave of Covid-19 outbreak in major cities across the country.
China’s dollar-denominated exports fell 8.7% in November on an annualized basis, much higher than a 3.5% drop forecast by Reuters Poll and a sharp fall from a 0.3% drop in October. The decline in November marked the worst performance of Chinese exports data since February 2020.
Meanwhile, imports fell 10.6% in November compared to a year ago and also fell further than a 6% drop forecast by Reuters Poll.
China reported a trade surplus at $69.84 billion, lower than the forecast for $78.1 billion.