China’s exports posted their largest year-on-year decline in more than two years in November, another indication of the extent to which China’s epidemic prevention and control measures and weakening foreign demand are holding back development economy of the country.
China’s exports fell 8.7% year on year in November, the biggest month-on-year drop since February 2020, when a nationwide lockdown halted economic activity. Economists polled by the Wall Street Journal had forecast that Chinese exports could fall 2% in November from a year earlier.
The stronger-than-expected drop in exports in November came amid weakening manufacturing activity in China and a slow recovery in China’s real estate sector, which increased pressure on the government to boost confidence in the domestic economy.
Even China’s export data for November may not bode well for the global economy, economists said, as China’s continued decline in exports sends a signal that the trade boom that drove global growth in 2021 is fading. The central banks of some developed countries, such as the United States, have raised interest rates to curb inflation, a factor that has curbed the demand for Chinese goods.
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