China is readying the kitchen sink. Pantheon kicks us off.
- China: Trade surplus fell to $69.8B in November from $85.2B in October. Consensus was $78.1B.
- Exports dropped 8.7% y/y in November, down from -0.3% y/y in October. Consensus was -3.9% y/y.
- Imports declined 10.6% y/y in November, down from -0.7% y/y in October. Consensus was -7.1% y/y.
China’s trade surplus decreased 18.0% m/m to $69.8B in November, as both exports and imports shrank rapidly in November, as a result of feeble demand, at home and overseas. Covid-related supply chain disruptions are likely playing a role in trade shrinkage, but a smaller one than in the wrenching Q2 lockdown period, based on the manufacturing PMI supplier delivery times index. The worker disputes at the Foxconn factory in Zhengzhou, the largest assembly plant for iPhones, no doubt contributed to the 33.3% fall in mobile phone exports in November, after 7.0% growth in October, but globa
