While the pickup in exports signaled improving trade terms in November, import numbers disappointed. A marked reverse in imports suggested a sluggish demand outlook.
Exports from China unexpectedly grew by 0.5% y/y to $291.93 billion in November 2023, after a 6.4% fall in the previous month and beating market forecasts of a 1.1% drop. It was the first increase in exports since April, amid signs of improvement in global trade flows.
Considering the first eleven months of the year, exports dropped 5.2% y/y to $3.08 trillion.
Imports to China unexpectedly fell by 0.6% year-on-year to $223.54 billion in November 2023, missing market forecasts of a 3.3% rise and reversing from a 3.0% growth in the prior month, marking the 10th time of decline in purchases so far this year.
For the January to November period, imports shrank 6.0% from the same period of 2022.
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