The trend of foreign trade under the contraction of overseas demand

Trend: Overseas demand contracts, export growth falls
Due to the continued contraction of overseas consumption and production demand, the domestic epidemic on export production and transportation disturbances, superimposed on the same period last year, the suppression of the high base effect, export growth fell sharply in November, down 8.4 percentage points from the previous month. In terms of imports, the domestic epidemic situation in November was more severe, affecting domestic production and demand repair process. At the same time, the sharp drop in export demand brought about a contraction in import demand, superimposed on the decline in commodity market prices, further weakening the price factor's pull on import growth. The import growth rate fell by a large margin, down 9.9 percentage points from the previous period, weaker than market expectations.

Overseas demand contracted further and export growth fell sharply. In November 2022, China's exports were $296.09 billion billion, down 8.7 percent year-on-year and 8.4 percentage points from the previous month, with export growth falling sharply and below market expectations. This is mainly due to the increased downward pressure on the global economy in November, the continued tightening of monetary policy in developed economies, and the overall weakening of overseas demand, which adversely affected China's exports.