China November trade sinks under virus pressure, rate hikes

By JOE McDONALD
AP Business Writer

BEIJING (AP) — China’s imports and exports shrank in November under pressure from weakening global demand and anti-virus controls at home. Customs data showed exports sank 9% from a year earlier to $296.1 billion, worsening from October’s 0.9% decline. Imports fell 10.9% to $226.2 billion, down from the previous month’s 0.7% retreat. Chinese trade had been forecast to weaken as global demand cooled following interest rate hikes by the Federal Reserve and central banks in Europe and Asia to rein in surging inflation. Chinese consumer demand has been hurt by anti-virus measures that shut down large sections of cities to contain virus outbreaks.