Published: Fri, December 08, 2017
World | By Paul Elliott

China Nov Exports +12.3% on Year; Expected +6.0%

China Nov Exports +12.3% on Year; Expected +6.0%

China's purchases of foreign goods jumped 17.7% year-on-year in November to $177.2 billion, Customs figures showed.

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 were up 12.3% from a year earlier, the General Administration of Customs said, accelerating from October's 6.9% pace and well above the 6% economists had expected.

In yuan terms, the surplus fell to 263.6 billion yuan, down from 285.4 billion yuan in October.

Economists had forecast exports to grow 2% and imports to rise 12.5%.

"While we still expect China's domestic economy to cool in 2018 on gradually tighter financial policies, the November import data shows that there are upside risks to our China outlook", said Louis Kuijs, head of Asia Economics at Oxford Economics in Hong Kong. China's trade surplus with the USA widened to $27.87bn in November from $26.62bn in October.

Iron ore imports also lifted, jumping to 94.54 million tonnes from 79.49 million tonnes in October.

The data underscored the resilience of China's heavy industry, even as many steel mills, aluminum producers and other manufacturers in the world's top consumer of industrial raw materials prepared for deep production cuts as part of Beijing's blitz on winter smog.

Total arrivals for the first 11 months climbed 6 percent to 990.73 million tonnes from 935.08 million tonnes a year ago.

The rebound in imports come as China's yuan has fallen 2.8 percent against the dollar since hitting its 2017 peak on September 8.

The trade surplus, a source of tension with major trade partners, came in at $40.2 billion, down from $43.1 billion a year earlier but more than the median projection of $35 billion.

"Chinese trade looks to have been surprisingly strong last month".

"We expect exports to continue to perform well in the coming months on the back of strong global demand", said Julian Evans-Pritchard, an economist with Capital Economics.

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