China's exports fall in November

China’s exports fell in November after October due to weakening global demand. Exports and imports in China contracted in November, both more than expected and the previous month. Dollar-based exports in the country fell by 8.7 percent in November compared to the same month last year, falling to $296 billion. This figure marked the lowest level since April, when factories and roads in Shanghai were closed due to Covid-19 restrictions. Imports also fell by 10.6 percent, the sharpest decline since May 2020. A Bloomberg survey had estimated that exports fell by 3.9 percent annually and imports by 7.1 percent. With these announced data, the foreign trade surplus also fell to $69.8 billion, falling below expectations. Easing of pandemic measures in China This data, which indicates that both domestic and foreign demand have decreased, came at a time when Covid-19 restrictions have begun to be eased due to their negative effects on the economy. China, which lifted the PCR test requirement for entering many public areas in many regions at the beginning of the week, announced this morning that it is preparing to allow citizens who test positive for COVID-19 to quarantine themselves at home and to lift non-essential COVID-19 testing practices nationwide. Meanwhile, the Communist Party’s highest decision-making body, the 24-member Politburo, held a meeting this morning and pledged to keep fiscal policy active and monetary policy tools targeted and “strong,” announcing that they aim to stimulate economic growth next year. According to Xinhua, officials gave the message at the meeting, “We should prioritize stability and focus on achieving growth.” According to sources familiar with the matter, senior officials in China are considering setting next year’s growth target at around 5 percent.