Global News

China Exports Rise at Strongest Pace in Eight Months: Customs

China Exports Rise at Strongest Pace in Eight Months: Customs

Exports in yuan-denominated terms rose 10.3 percent year on year to 1.43 trillion yuan (about 216 billion USA dollars), according to the General Administration of Customs.

Crude oil imports hit their second-highest ever and natural gas shipments jumped to a record as buying picked up in all areas, rebounding from a slowdown in October due to a week-long holiday and ahead of the Communist Party Congress.

The number beat analysts' forecast of a 5.0 per cent increase and compared with 6.9 per cent growth in October.

China's foreign trade saw robust growth in November, with both imports and exports beating expectations, official data showed Friday.

The numbers may help to ease concerns of slowing momentum in Asia's economic powerhouse, which had surprised markets with robust growth of almost 6.9 percent in the first nine months of this year, thanks to a government-led infrastructure spending spree and unexpected strength in exports.

In local currency terms, exports rose by 10.3% year-year, well above the 2% increase expected by economists.

Customs data also showed that a leading indicator for China's exports rebounded from 41.6 to 41.8 month on month in November, signalling positive potential in exports.

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"They're trying to accumulate stocks and will do so maybe through March in anticipation of Chinese mills resuming production when China lifts the winter restrictions".

In the first 11 months, foreign trade volume rose 15.6 percent from a year earlier to 25.14 trillion yuan.

Coal prices in China have risen steadily this year, touching their highest since at least 2015 at 688.8 yuan ($104.07) a tonne on Dec.4.

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.

"Steel mills have been restocking more iron ore since October as prices hit as low as $50 (a tonne)", said Yu Yang, an analyst with Shenyin & Wanguo Futures in Shanghai.

"Overall the market still feels bullish", said NAB analyst Ami Li.

Julian Evans-Pritchard, an analyst with research firm Capital Economics, expects exports to remain strong in the coming months on the back of resilient global demand.


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