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