China's trade weakens to worst since first Covid lockdown as demand falls

The worsening trade performance is undermining a strong pillar of China's economy over the last two years, where the rise in exports to record levels have provided Chinese firms with stable demand

China’s exports and imports both contracted at steeper paces in November as external demand continued to weaken and a worsening Covid outbreak disrupted production and cut demand at home. 

Exports in dollar terms fell 8.7% in November from a year earlier to $296 billion, the General Administration of Customs said Wednesday. That was the lowest level since April, when the lockdown of Shanghai closed factories, shut roads and stopped companies from putting goods on ships. 

The contraction was the biggest since February 2020 when trade was hit by the first Covid lockdown, and comes in a month when exports would