China: Exports in November were higher than expected

Exports to China exceeded estimates in November, although growth slowed compared to October, due to the higher benchmark compared to last year.

Exports rose 22% from a year earlier in November, and slowed from a 27% increase in October, the general customs administration said.

The results exceeded estimates that spoke of a 16% increase.

Boosted by strong global demand, exports are the only driver of growth since the pandemic recovery began.

This strong growth has repeatedly shattered market expectations that exports will soon lose momentum as consumers return to online shopping.

But the revival of the coronavirus in China’s trading competitors has restored demand in China.

Exports to Southeast Asian countries, China’s largest trading partners, rose 22.3% year-on-year, up from 18% in October.

Exports to the EU, the second largest trading partner, slowed to 33.5% year-on-year from 44.3% in October.
Exports to the US rose 5.3%, down from 22.7% in October.

Meanwhile, China’s imports rose 31.7% year-on-year in November, when volumes and prices of imported coal and gas rose.

In October, the increase was 20.6% and analysts expected an increase of 19.8% in November. China’s trade surplus shrank to $ 71.72 billion in November, from $ 84.5 billion in October and $ 82.2 billion analysts had expected.