China's November Export Growth Rate at -8.7%... Trade Surplus Also Below Expectations

[Image source=Reuters Yonhap News]

[Asia Economy Beijing=Special Correspondent Kim Hyunjung] Due to localized lockdowns and social unrest caused by the resurgence of COVID-19, China's export growth rate plummeted in November.

According to the General Administration of Customs of China on the 7th, the export growth rate in November was recorded at -8.7% compared to the same period last year. This figure falls short of the previous month's -0.3% and the market forecast of -3.6%.

During the same period, China's imports sharply declined by 10.6%. This is also significantly below the market expectation of a 5.0% decrease and the previous month's 0.7% decrease.

Accordingly, China's trade surplus in November recorded $69.84 billion (approximately 92.1049 trillion KRW), a sharp decrease from the previous month ($85.15 billion). The forecast was $79.05 billion.