The Worst Contraction in Two and a Half Years for China's Trade

Chinese exports and imports shrank in November at the fastest pace in at least two and a half years, as weak global and domestic demand, COVID-19-related production disruptions, and a slump in the domestic real estate market increased pressures on the world's second-largest economy. The decline was much larger than market expectations, with economists predicting more downturns in exports, highlighting a sharp contraction in global trade as consumers and businesses cut spending in response to aggressive moves by central banks to curb inflation. Official data showed that exports contracted by 8.7 percent year-on-year in November, a steep drop from a mere 0.3 percent decline in October, marking the worst performance since February 2020. Analysts had forecast a 3.5 percent decline.