Imports fell 10.6% in November while exports fell 8.7%, according to customs data.
China’s trade fell sharply in November to its lowest level since the early days of the COVID-19 pandemic, according to official data, underscoring the heavy economic damage caused by North Korea’s “no COVID” policy. Terrible.
Imports fell 10.6% year-on-year while exports fell 8.7%, Chinese customs data showed on Wednesday.
The drop in trade marks the steepest decline in imports and exports since May 2020 and February 2020, respectively.
The weak figures come after China’s manufacturing activity fell for a second straight month in November as rising COVID cases prompted authorities to impose new restrictions in major cities including Shanghai, Beijing and Chengdu.
China’s strategy of blockade, mass testing and border closure has upset supply chains and kept consumers at home, while fears of a recession in the United States and Europe have reduce overseas demand for Chinese products.
China’s economy is expected to grow by around 3% in 2022, well below the government’s previous target of around 5.5% and ranking among the worst performers of the year. country for decades.
After rare “COVID-free” protests last month, Beijing has begun downplaying the severity of newer COVID variants, and local authorities across China have easing some restrictions.
But analysts have warned that a quick reopening is unlikely given the country’s low vaccination rates for the elderly and lack of natural immunity.
Beijing last week unveiled plans to vaccinate millions of Chinese in their 70s and 80s, in an apparent attempt to tackle the main obstacle to living with the virus.
According to the National Health Commission, only 40% of Chinese over 80 have received a third dose of the vaccine – much less than in other countries.