China Export Growth Weakens; Imports Post Surprise Decline
2024-12-07
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(fxcue news) - China's exports growth weakened more than expected in November and imports posted a surprise decline due to the weak domestic demand, highlighting the risk of deepening economic slowdown as the property market has yet to bottom out amid threats of global trade protectionism measures.
Exports grew 6.7 percent annually in November, which was weaker than the 12.7 percent increase posted in October, figures from the customs office showed Tuesday. Economists had forecast an annual growth of 8.5 percent.
At the same time, imports decreased 3.9 percent from a year ago compared to the 2.3 percent fall in October. Imports were forecast to grow 0.3 percent.
As a result, the trade balance showed a surplus of $97.44 billion in November. This was up from $95.27 billion in the previous month and the expected level of $94.0 billion.
Data revealed that China's exports to the United States grew 8 percent and that to the European Union advanced 7.2 percent. Shipments to the Association of Southeast Asian Nations climbed nearly 15 percent.
Exports are expected to accelerate again in the coming months supported by further gains in export market share thanks to a weak real effective exchange rate, Capital Economics' economist Zichun Huang said.
Although US tariffs could reduce export volumes by around 3 percent, they may not be felt until the middle of next year, the economist noted.
Imports volumes are also likely to recover in the short run as accelerated fiscal spending boosts demand for industrial commodities, Huang added.
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