In November, China's foreign trade exports not only surpassed market expectations with a double-digit growth rate but also broke through the $200 billion mark for the first time, marking a new high in the country's trade history. This achievement highlights another significant milestone in China’s evolving foreign trade landscape.
According to the General Administration of Customs, the total value of China's imports and exports reached $370.609 billion in November, representing a 9.3% year-on-year increase. Exports alone hit $202.205 billion, rising by 12.7%, far exceeding both previous figures and market forecasts. Meanwhile, imports stood at $168.404 billion, up 5.3% compared to the same period last year.
Huang Guohua, deputy inspector of the General Statistics Department, highlighted two key trends in November's export performance. First, the export growth rate shifted from a decline in September to positive growth in October and then surged into double digits in November. Second, the monthly export value exceeded $200 billion for the first time, signaling a major breakthrough in China’s foreign trade development.
The surge in exports was attributed to a combination of stable growth policies and structural adjustments in China’s foreign trade. Additionally, global demand continued to recover, with exports to the U.S., EU, and ASEAN all rising by over 16% in November.
Despite the sharp rise in exports, import growth slowed, increasing by just 5.3%—lower than the previous month's 7.6% and below market expectations. This imbalance led to a record trade surplus of $33.8 billion in November, the second consecutive month exceeding $30 billion and the highest level in five years.
Liu Ligang, chief economist at ANZ Greater China, noted that China’s annual trade surplus could surpass $240 billion, reaching a peak since 2008. However, this has put upward pressure on the RMB, which risks eroding China’s trade competitiveness due to excessive appreciation.
Looking ahead, China appears close to meeting its annual trade growth target of 8%. Data from the first 11 months showed strong growth in sectors like textiles, electronics, and auto parts, while energy and resource imports also rose sharply. Huang Guohua pointed out that domestic economic stability and low international commodity prices have supported increased imports of raw materials.
Trade with the EU has shown consistent improvement, with November’s growth hitting 16.2%. Sino-Japanese trade also turned positive, growing by 2.6% in November after months of decline. Meanwhile, trade with emerging markets such as Brazil, Russia, South Africa, and India saw strong gains, with Brazil and South Africa recording double-digit increases.
China’s trade with ASEAN reached $40.31 billion in November, up 11.6%. Overall, the data suggests that China is well on track to meet its annual trade goals, though experts caution against over-optimism given some inflation in early-year trade figures.
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