China’s exports remain strong as surplus narrows in November

BEIJING – China’s exports beat market expectations in November, although growth has decelerated since October on a higher year-on-year basis.

The General Department of Customs said that shipments to foreign countries rose 22% from a year earlier in November, slowing from a 27% increase in October, the General Department of Customs said. The result surpassed the 16.1% growth expected by economists polled by The Wall Street Journal.

Driven by strong global demand, exports have been China’s sole growth driver since the post-pandemic recovery began. The strong growth has repeatedly dashed market expectations that exports will soon depreciate after other parts of the world gradually come back online. But a resurgence of the coronavirus in China’s trade competitors has spurred demand back into China, where stringent containment measures have slowed business and manufacturing. .

Exports to the Association of Southeast Asian Nations, China’s largest trading partner, rose 22.3 percent from a year earlier, up from 18 percent in October, according to calculations by The Wall. Street Journal based on official data.

Shipments to the European Union, the No. 2 trading partner, slowed to 33.5% year-on-year, compared with 44.3% in October. Exports to the US, a trading partner number 3, up 5.3%, down from 22.7% in October.

The outbreak of the Omicron variant of the coronavirus could have a complicated impact on China’s foreign trade, economists say, as it could keep demand for Chinese goods at a premium. as many economies are hit hard by the new variant, while the potential spread of Omicron in China’s ports could add to logistical strain.

Meanwhile, China’s imports in November rose 31.7% year-on-year, as both the volume and price of imported coal and natural gas increased, the customs authority said. This compares with the 20.6% increase in October and the 19.8% growth expected in the WSJ poll.

China’s trade surplus stood at $71.72 billion in November, narrowing from October’s $84.5 billion and lower than the agreed $82.2 billion. China’s exports remain strong as surplus narrows in November


Inter Reviewed is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – The content will be deleted within 24 hours.

Related Articles

Back to top button