On June 7, 2024, a foreign trade container ship was leaving the Qingdao Port Terminal in Qingdao, China.
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In November, China’s import and export were lower than expected. In US dollars, exports increased by 6.7% compared with the same period last year, and imports decreased by 3.9% year-on-year. Data from the country’s customs authorities Show on Tuesday.
Outbound shipments fell short of the 8.5% annual growth expected in a Reuters survey. Exports have increased Growth in October was 12.7%According to LSEG data, it hit the highest growth rate since March 2023.
Meanwhile, import data unexpectedly fell 3.9%. Analysts had expected growth of 0.3%.
According to statistics, exports in dollar terms have increased by 5.4% so far this year, while imports have increased by 1.2%. Customs data released on Tuesday.
Exports have been a rare bright spot for the world’s second-largest economy, hurt by sluggish domestic consumption and a protracted housing slump.
One day after November trade data was released China’s top leadership pledges It increased monetary and fiscal policy stimulus to boost economic growth next year and promised “unconventional countercyclical adjustments” to boost domestic consumer demand.
Erica Tay, head of macro research at Maybank, said export growth is likely to remain strong into early 2025 as U.S. importers continue to “front-load” Chinese purchases, but noted that “a dip in the second half of next year is likely” , with the impact of U.S. tariffs.
manufacturing activity in the country Expansion for second consecutive month The official purchasing managers’ index rose to 50.3 in November as Beijing’s existing stimulus measures helped boost some aspects of the struggling economy.
But domestic demand remains weak. China’s consumer inflation falls November hits five-month lowOfficial data on Monday showed an annual increase of 0.2%.
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