BEIJING (Reuters) – China’s exports in November contracted 8.7% from a year earlier, while imports tumbled 10.6%, both missing expectations by large margins, customs data showed on Wednesday.
Analysts in a Reuters poll had expected exports to shrink 3.5% after a 0.3% loss in October due to cooling global demand. Imports were forecast to have contracted by an even larger 6.0% from a 0.7% fall in October, hurt by sluggish consumption at home amid widespread COVID-19 restrictions and a protracted property slump.
China posted a trade surplus of $69.84 billion in November, compared with a forecast $78.1 billion surplus in the poll and a $85.15 billion surplus in October.
(Reporting by Ellen Zhang and Ryan Woo; Editing by Shri Navaratnam)
