China’s imports contracted unexpectedly in November compared to the COVID-hit period one year ago, dashing hopes for a rebound in domestic demand from lows last year to spur growth in the country’s slowing economy.
“China’s overseas shipments on its dollar calendar rose 0.5% for the first time in six months in November. This is slightly better than the middle expectations of economists, who estimated no change, and represents the first year-on-year expansion since April,” China’s General Administration of Customs said.
On the other hand, imports decreased by 0.6%, compared with forecasts of a 3.9% rise. The trade surplus as a result was $68.39 billion.
Chinese exports usually rise in the final months of the year due to increased demand before Christmas and the holiday season outside the country.
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