#China's exports and imports contracted in November as the #COVID19 outbreak disrupted production and weakened demand at home. The value of exports fell to a low of $296 billion, the lowest since April when the lockdown of Shanghai closed factories. 🧵
https://twitter.com/gCaptain/status/1600521922864975874
The decline in imports also widened to 10.6%, leaving a narrower trade surplus of $69.8 billion last month.
China's government is now looking to relax the #COVIDZero policy to reduce its impact on the economy and add more stimulus.
Chinese firms experienced stable demand during the pandemic due to the increase in exports. However, domestic spending remained weak and now overseas spending is transitioning from products to services.
Despite the slump in overall exports, outbound shipments of cars and chassis were still robust, growing 73.1% in Jan-Nov period. #ChinaExports #Economy
Exports of rare earths also jumped, up 68.7% from a year earlier in the Jan-Nov period.
Exports of rare earths also jumped, up 68.7% from a year earlier in the Jan-Nov period.
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