China’s zero-covid slowdown is only one factor troubling the region’s trade champions
Save time by listening to our audio articles as you multitaskChina is certainly a big factor in the sharp deceleration across the region. Asia’s largest economy is reeling from many months of disruptive pandemic-control measures and a homegrown property crisis. Data released on December 7th showed a 9% year-on-year fall in Chinese exports in November, a far steeper decline than expected by analysts.
The China drag may start to ebb at some point next year—but slowly at best. The recovery of the world’s second-biggest economy could take many months and large outbreaks of covid-19, as rules are loosened, could cause short-term disruptions. The shift is also bad news for South Korea, the dominant producer of the memory chips found in computers worldwide. Its exports of goods to Japan dwindled by 18% year on year in November. It even affects further-flung hubs like Singapore, whose exports of electronics fell by 9.3% in October. Oxford Economics, a consultancy, expects a further slump in goods exports from the region next year, of around 4%.
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