China’s exports and imports shrank at a much steeper-than-expected pace in November, as feeble global and domestic demand, COVID-induced production disruptions and a property slump at home piled pressure on the world’s second-biggest economy. | Reuters
“Outbound shipments will receive a limited boost from the easing of virus restrictions, which are no longer a major constraint on the ability of manufacturers to meet orders,” he said.
Apple supplier Foxconn said that revenue in November dropped 11.4 percent year-on-year, after production problems related to COVID controls at the world’s biggest iPhone factory in Zhengzhou. This resulted in a narrower trade surplus of $69.84 billion, compared with a $85.15 billion surplus in October and marked the lowest since April when Shanghai was under lockdown. Analysts had forecast a $78.1 billion surplus.The government has responded to the weakening economic growth by rolling out a flurry of policy measures over recent months, including cutting the amount of cash that banks must hold as reserves and loosening financing curbs to rescue the property sector.
“The shift away from zero-COVID and step up in support for the property sector will eventually drive a recovery in domestic demand but probably not until the second half of next year,” Evans-Pritchard said.
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