Europe and US give exports boost to China
Beijing’s trade surplus in November hit its highest level in more than four years
Beijing’s trade surplus of $33.8 billion (€24.67 billion) was the biggest since January 2009, while imports gained 5.3 per cent Photograph: AFP/Getty Images
Recovery in Europe and the US drove China’s exports to higher than expected levels in November, pushing the trade surplus in the world’s second-largest economy to its highest level for more than
Exports rose 12.7 per cent compared to a year earlier, while imports gained 5.3 per cent year-on-year, according to data released by the General Administration of Customs in Beijing yesterday.
Chinese exports to the European Union were up 18.4 per cent, the most in more than two years, while shipments to the United States rose 17.7 per cent in November from a year earlier, the fastest pace since May 2012, based on data compiled by Bloomberg.
The trade surplus of $33.8 billion (€24.67 billion) was the biggest since January 2009, while imports gained 5.3 per cent.
The export figures reflect pick-ups in shipments to Europe, the United States and South Korea, reflecting a recovery in these key markets, according to the customs data.
China’s trade surplus with the EU was $10.2 billion, while that with the US was $22.4 billion. “November’s export growth is above the market expectation of 7 per cent, thanks to improved data in the United States and the European Union,” Liu Ligang, chief greater China economist at ANZ Banking Group, told the Xinhua news agency.
Foreign trade stood at $370.6 billion in November, comprising $202.2 billion of exports and $168.4 billion in imports.
“Despite the upbeat data, Chinese manufacturers will still face difficulties as they are losing traditional competitive edges in prices because of higher costs and rising yuan,” Zhao Jinping of the State Council’s Development and Research Centre told the news agency.
This week sees a number of November data out of China, with the statistics bureau due to report today on inflation and the following day on industrial production and retail sales, along with fixed-asset investment for the first 11 months of the year.
Data from the central bank are also expected on new yuan loans, aggregate financing and money supply.