Salem Radio Network News Sunday, February 5, 2023

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China trade shrinks amid virus pressure, interest rate hikes

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( ) -q-23- UNDATED (Correspondent Jeremy House) “in surging inflation.”

China’s imports and exports shrank in November under pressure from weakening global demand and anti-virus controls at home.

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TAG: Correspondent Jeremy House reporting. Chinese consumer demand has been hurt by anti-virus measures that shut down large sections of cities to contain virus outbreaks.

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VERBATIM: 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.

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