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.
https://www.marketwatch.com/story/china-s-exports-stay-strong-as-surplus-contracts-in-november-271638848816?rss=1&siteid=rss China’s exports remain strong as surplus narrows in November