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China exports jumped in November as import gains signal strength

08 December 2017

China's exports and imports unexpectedly accelerated last month after slowing in October, an encouraging sign for the world's second-biggest economy which has started to slow in the face of a government crackdown on debt risks and factory pollution.

Crude oil demand also increased, lifting to 37.04 million tonnes from 31.03 million tonnes a month earlier.

Similarly, imports surged 17.7% in November from a year ago, faster than the expected growth of 13.0%.

Imports grew 17.7 percent year-on-year in November, the General Administration of Customs said on Friday, also well above expectations of 11.3 percent growth and rising at the fastest pace since September. Imports increased 15.6 per cent, to leave a trade surplus of 263.6 billion yuan (S$54 billion).

As a result, the trade surplus totaled USD40.2 billion in November.

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Export growth also beat, lifting by 12.3% over the same period in USA dollar terms, a sharp improvement on the 6.9% level of October and forecasts for an increase of 5%.

Exports stood at 380,000 tonnes, up 8.6 percent from 350,000 tonnes in October and flat on a year earlier.

Demand for Chinese products has proven robust as growth in major trade partners remains intact, and imports are stabilising as the economy has outperformed this year.

Despite the overall strength of the November data, imports could come under pressure as China's economy cools, analysts say.

While exports are contributing to China's economic growth once again, global investors have been more focused on its strong appetite for industrial commodities such as iron ore and coal, which is boosting resources prices worldwide.

China exports jumped in November as import gains signal strength