China’s exports increased in November, but at a slower pace compared to the robust rebound in the previous month, while imports weakened, at a time the world’s second-largest economy is facing growing external trade pressure and sluggish domestic demand.
After posting a strong rebound in October, exports from the world’s second-largest economy grew by 6.7 per cent year on year to US$312.31 billion in November, according to customs data released on Tuesday.
The figure was lower than the expected 8.76 per cent increase surveyed by Chinese financial data provider Wind, and fell short of the 12.7 per cent rise recorded in October.
The increase likely benefited from the base effect, after exports grew by just 0.5 per cent during the same period last year, as well as exporters front-loading orders in anticipation of US president-elect Donald Trump’s plan to impose 60 per cent tariffs on Chinese products.
Imports, meanwhile, fell by 3.9 per cent from a year earlier in November, compared to the 2.3 per cent decrease in October.
“Trade data from November showed similar message from earlier months – exports continued to grow while imports remained soft due to weak domestic demand,” said Zhang Zhiwei, chief economist at Pinpoint Asset Management.