BEIJING : China's exports and imports likely contracted further in November due to weakening global demand, production disruptions and waning demand at home amid widespread pandemic controls, a Reuters poll showed on Monday.
COVID outbreaks in November in manufacturing hubs, such as Zhengzhou and Guangzhou, likely also disrupted production and weighed on exports. South Korean exports to China, a leading indicator for China's imports, were 25.5 per cent lower in November than a year earlier, marking their sixth straight month of annual declines and the worst since May 2009.
"The overall economy may barely grow at all in November, adding conviction to our below-consensus GDP growth forecast of 2.4 per cent year-on-year for Q4," said analysts at Nomura in a note.