Advanced Search

Related News

Home » Business » Economy

China's exports grow faster

By Wang Yanlin | December 8, 2013, Sunday | Online Edition

China’s exports expanded much more than expected last month but imports lost some momentum, official data showed today.

Trade surplus landed at US$33.8 billion in November, swelling further from October’s US$31.1 billion.

But on the whole, they were still in sign of a stabilizing economy, analysts said.

Exports jumped 12.7 percent from a year earlier to US$202.2 billion in November, compared with October’s gain of 5.6 percent and September’s decline of 0.3 percent, according to the General Administration of Customs.

Imports increased 5.3 percent to US$168.4 billion in November, a bit slower from the rise of 7.6 percent a month earlier.

“China’s trade remained stable,” said Zhou Hao, an economist at Australia & New Zealand Banking Group Ltd (ANZ). “The exports came in much higher than expected due to better demand from developed economies. But imports unexpectedly slowed, pointing to weaker domestic demand.”
By destination, shipment to the United States and the European Union grew by 17.7 percent and 18.4 percent respectively, from the 8.1 percent and 12.7 percent in the prior month.

Li Maoyu, an analyst at Changjiang Securities Co, said the data came in line with a stable economy and were in support of reforms in the pipeline which require steady growth.

Li also said the January-November data suggested that China may be able to achieve the 8-percent trade growth target for the whole year.

In the first 11 months, China’s trade gained 7.7 percent year on year to US$3.8 trillion, the official data showed.
However, with exports beating expectation, trade surplus also ended up above US$30 billion for the second consecutive month.


“China’s currency is still under pressure to appreciate due to massive capital inflows taking advantage of the higher onshore interest rates,” ANZ’s Zhou said. He expected China’s trade surplus can easily exceed US$240 billion this year, which will the highest since 2008 as the figure has already reached 234 in the first 11 months.
To address the pressure, Zhou suggested China should encourage private capital outflows to counter the growing money inflows attracted by the elevated onshore interest rates.

Economy


 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend