Imports gained 5 per cent to USD 192.6 billion, up from the previous month's 4.7 per cent, reflecting the growing strength of China's economic rebound from the coronavirus pandemic.
China's exports rose to USD 268 billion, up from October's 11.4 per cent growth. (AP Photo)
China’s politically sensitive trade surplus with the US soared to a record USD 75.4 billion November as exports surged 21.1 per cent over a year earlier, propelled by strong demand from American consumers. Exports to the United States rose 46 per cent despite lingering tariff hikes in a trade war with Washington, customs data showed Monday. Total exports rose to USD 268 billion, up from October’s 11.4 per cent growth.
Imports gained 5 per cent to USD 192.6 billion, up from the previous month’s 4.7 per cent, reflecting the growing strength of China’s economic rebound from the coronavirus pandemic. Chinese exporters are benefiting from the economy’s relatively early reopening after the Communist Party declared the disease under control in March while foreign competitors still are hampered by anti-virus controls.
Exports were much stronger than expected in November, said Julian Evans-Pritchard of Capital Economics in a report. He noted that consumers have stepped up purchases of goods, cutting back on services that may not be safe or available during the pandemic. Chinese exporters have temporarily taken global market share from competitors. Forecasters say that surge is unlikely to last into 2021 once coronavirus vaccines are rolled out and consumption in Western markets gradually returns to normal.
Total exports for 2020 returned to positive territory in October after the first quarter’s 13.3 per cent contraction dragged down the overall figure. Chinese import growth by volume has been bigger than the financial figures indicate due to slumping global prices for oil and other goods amid plunging demand