2023-12-07 08:55:00
China’s exports in November increased by 0.5% year-on-year, while imports fell by 0.6%. Compared with the previous value, exports ended the downward trend for six consecutive months and improved significantly. However, imports experienced negative growth once more following a month.
Updated December 7, 2023 16:55 CST
Data released by the General Administration of Customs of China on Thursday morning showed that in US dollar terms, China’s exports in November increased by 0.5% year-on-year, imports fell by 0.6%, and the trade surplus was US$68.39 billion, expanding by 4%.
Compared with the previous value, exports ended the downward trend for six consecutive months and improved significantly. However, imports once more experienced negative growth following a month, but the decline was slight.
Previously, in October, China’s exports fell by 6.4% year-on-year, imports increased by 3%, and the trade surplus was US$56.53 billion; this was the sixth consecutive month of decline in exports, but imports achieved positive growth following five consecutive declines.
In March this year, China’s exports unexpectedly surged by 14.8%, ending the continuous negative growth since October last year. However, starting from May, exports fell into negative growth for half a year: from May to September, exports fell by 7.5%, 12.4%, 14.5%, 8.8% and 6.2%.
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Data released by the General Administration of Customs of China on Thursday morning showed that in US dollar terms, China’s exports in November increased by 0.5% year-on-year, imports fell by 0.6%, and the trade surplus was US$68.39 billion, expanding by 4%.
Compared with the previous value, exports ended the downward trend for six consecutive months and improved significantly. However, imports once more experienced negative growth following a month, but the decline was slight.
Previously, in October, China’s exports fell by 6.4% year-on-year, imports increased by 3%, and the trade surplus was US$56.53 billion; this was the sixth consecutive month of decline in exports, but imports achieved positive growth following five consecutive declines.
In March this year, China’s exports unexpectedly surged by 14.8%, ending the continuous negative growth since October last year. However, starting from May, exports fell into negative growth for half a year: from May to September, exports fell by 7.5%, 12.4%, 14.5%, 8.8% and 6.2%.
Compared with market expectations, exports in November were better than expected, imports were lower than expected, and the trade surplus was higher than expected.
According to a survey of economists by the Wall Street Journal, China’s exports in November are expected to be flat year-on-year, imports will increase by 3%, and the trade surplus is expected to be US$57.1 billion.
In terms of cumulative data, measured in US dollars, from January to November, exports fell by 5.2% year-on-year, imports fell by 6%, and the trade surplus was US$748.13 billion, narrowing by 2.7%.
From January to October, exports fell by 5.6% year-on-year, imports fell by 6.5%, and the trade surplus was US$684.04 billion.
In US dollars, China’s exports will increase by 7.0% year-on-year in 2022, imports will increase by 1.1%, and the trade surplus will be US$877.6 billion.
China Customs also simultaneously released data denominated in RMB.
In RMB terms, China’s exports increased by 1.7% in November, imports increased by 0.6%, and the trade surplus was 490.82 billion yuan, expanding by 5.5%.
Previously, China’s exports fell by 3.1% in October, imports increased by 6.4%, and the trade surplus was 405.47 billion yuan.
Exports measured in RMB have fallen into negative growth since May this year, declining by 0.8%, 8.3%, 9.2%, 3.2% and 0.6% from May to September. Exports surged by 16.8% and 23.4% respectively in April and March this year.
Cumulatively, from January to November, exports increased by 0.3% year-on-year, imports fell by 0.5%, and the trade surplus was 5.24 trillion yuan, expanding by 2.8%.
Previously, exports from January to October increased by 0.4% year-on-year, imports fell by 0.5%, and the trade surplus was 4.78 trillion yuan, expanding by 3.2%.
In RMB terms, exports will increase by 10.5% year-on-year in 2022, imports will increase by 4.3%, and the trade surplus will be 5,862.98 billion yuan.
(This article comes from Dow Jones Chinese Financial News)
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