China's trade unexpectedly shrinks in October as COVID-19 curbs, global slowdown jolt demand

Containers are stacked at a port in Lianyungang, in China’s eastern Jiangsu province, on Nov. 7.STR/AFP/Getty Images China's exports and imports unexpectedly contracted in October, the first simultaneous slump since May 2020, as a perfect storm of COVID-19 curbs at home and global recession risks dented demand and further darkened the outlook for a struggling economy. The bleak data highlight the challenge for policy-makers in China as they press on with pandemic prevention measures and try to navigate broad pressure from surging inflation, sweeping increases in worldwide interest rates and a global slowdown. Outbound shipments in October shrank 0.3 per…