China’s latest trade statistics show imports fell year on year in November for the first time in two months due to stagnant domestic demand.
Customs authorities said on Thursday that the value of imports dropped 0.6 percent in dollar terms from the same month last year.
The decline is attributed mainly to decreases in imports of crude oil and automobile parts.
The latest contraction came just after the import value had returned to an increase in October for the first time in eight months.
The decrease from November last year, when China was under strict COVID restrictions as infections had spiked again, shows domestic demand remained sluggish amid the prolonged slump in the country’s real estate market.
Customs authorities said the value of exports last month rose 0.5 percent from a year earlier, when there was a major dent due to the pandemic. It was the first increase in seven months.