China’s exports expanded 4.7% to US$211.7 billion in November, significantly lower than an 11.6% increase in October, according to data released by China’s General Administration of Customs.
Imports also missed market expectations, declining 6.7% in November to US$157.2 billion, indicating weak domestic demand for commodities.
This led to another significant trade surplus of US$54.5 billion, compared with US$45.4 billion in the month of October.
Global commodity prices dropped sharply in the past two months, and this affects the trade data. Nonetheless, as commodity inventories remained elevated amid price collapses, the de-stocking process will take a long time to complete, says a research report by ANZ.
