China’s exports and imports shrink in November

China’s exports and imports significantly fell in November, missing forecasts, as global and domestic demand declined. In addition to this, the COVID-19 outbreak resulted in  production disruptions and a real estate crisis. 

China’s exports fell by 8.7% in November, marking the worst slump since February 2020. It is below analysts’ expectations for a 3.5% decline. By contrast, outbound shipments in October shrank 0.3%. 

Besides, strict coronavirus restrictions negatively impacted importers. China’s imports fell sharply in November by 10.6%, also missing expectations for slight contraction of 6.0%. It is the steepest drop in import volumes since May 2020. In October, China saw a drop in imports of 0.7% year-over-year. 

The nation's trade surplus came in at $69.84 billion, down from $85.15 billion a month ago. Analysts expected it to hit $78.1 billion.