On June 7, 2024, a foreign trade container ship was leaving the Qingdao Port Terminal in Qingdao, China.
Cost Photos | Noor Photos | Getty Images
China’s imports and exports in November were lower than expected Data from the country’s customs authorities Data on Tuesday heightened concerns about the health of China’s economy as consumer demand remains sluggish and the threat of tariffs looms.
Import data unexpectedly fell by 3.9%, the largest decline since September 2023.
In U.S. dollar terms, exports increased by 6.7% year-on-year, significantly lower than the 12.7% increase in the previous month. Analysts polled by Reuters had expected exports to rise 8.5% year-on-year in November.
According to statistics, so far this year, exports in dollar terms increased by 5.4% to $3.24 trillion, while imports increased by 1.2% to $2.36 trillion. 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.
The November trade data came a day after China’s top leadership pledged to step up monetary and fiscal policy stimulus to boost economic growth next year and promised “unconventional countercyclical adjustments” to boost domestic consumer demand.
However, Erica Tay, head of macro research at Maybank, said export growth is expected to pick up in early 2025 as U.S. importers continue to “front-load” Chinese purchases, while noting that “export values are likely to decline. ”. With the impact of U.S. tariffs, the second half of next year.”
China’s manufacturing activity expanded for a second consecutive month in November, with the official purchasing managers’ index rising to 50.3, as Beijing’s existing stimulus measures helped boost some aspects of the struggling economy.
But domestic demand remains weak. Official data showed on Monday that Chinese consumer inflation fell to a five-month low in November, rising 0.2% from a year earlier.
This is breaking news. Please check back for updates.
About The Author
