Trade data due on Wednesday, Dec 7
BEIJING, Dec 5 Reuters China39;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.
Data for November are expected to show a 3.5 fall in outbound shipments from a year earlier, after October39;s figures were down an annual 0.3, according to the median forecast of 28 economists in the poll. That would mark the worst performance since May 2020.
Actual trade data will be released on Wednesday.
The frail economists39; estimate for exports suggests cooling global demand that has been hurt by higher interest rates in major economies will heap more pressure on policymakers in China, as the country39;s property downturn and struggle to contain COVID19 continue to take a toll on the economy.
Subindexes for new export orders in both the official and privatesector factory activity surveys extended declines last month, pointing to a protracted downturn in exports.
COVID outbreaks in November in manufacturing hubs, such as Zhengzhou and Guangzhou, likely also disrupted production and weighed on exports.
Following worker unrest that disrupted the world39;s biggest iPhone factory, in Zhengzhou, Apple supplier Foxconn expects the plant to resume full production around late December to early January, Reuters reported, citing a Foxconn source.
Due to a high yearearlier base for comparison and…