China’s trade suffers worst slump in 2-1/2 years

BEIJING:

China’s exports and imports shrank at their steepest pace in at least two and a half years in November, as feeble global and domestic demand, Covid-led production disruptions and a property slump at home piled pressure on the world’s second-biggest economy.

The downturn was much worse than markets had forecast, and economists are predicting a further period of declining exports, underlining a sharp retreat in world trade as consumers and businesses slash spending in response to central banks’ aggressive moves to tame inflation.

Exports contracted 8.7% in November from a year earlier, a sharper fall from a 0.3% loss in October and the worst performance since February 2020.

Published in The Express Tribune, December 8^th, 2022.

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