China’s Exports Fall Further in November amid Disruption from Covid Outbreak

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.