Chinese imports and exports also contracted in November. Due to high inflation, the demand for products has decreased. In addition, the strict corona policy has shaken companies and disrupted supply chains.
In October, both exports and imports fell for the first time since May 2020.
Exports fell by 8.7% in November compared to a year earlier. This is the biggest drop since February 2020, when the country was in the early stages of the corona pandemic.
At less than 10.6%, imports showed the largest drop since May 2020. This drop is much steeper than expected.
In recent weeks, there have been many demonstrations in China against the strict coronavirus measures. That’s why the Chinese government has now started to ease some restrictions. This could improve the outlook for the Chinese economy in the coming months.
