China’s exports remain strong as surplus narrows in November

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.