Chinese imports and exports slowed more than expected in November

The latest Chinese data on the country's foreign trade hinted at a further cooling in both domestic and global demand conditions, although the latter were set for a recovery next year, which was expected to buoy exports going forward, economists said.

Chinese imports fell at a 6.7% year-on-year clip in November, versus a rise of 4.7% in the month before, while exports slowed to a 4.7% rate of growth, down from 10.6% in the month before.

Analysts had penciled in positive rates of expansion for both of the above magnitudes, of 3.8% and 8%, respectively.

The decline in the rate of import growth would have been even larger were it not for the weak base of comparison. Purchases abroad dropped by 1.8% month-on-month in November of 2013.

Both the import and export data were likely to still be seeing distortions from over-invoicing by firms, as they attempted to side-step capital controls, Capital Economics pointed out in a research note sent to clients.

The foreign trade deficit worsened to $54.5bn last month from $45.5bn in October.