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China’s Exports Grow by 22% Year-on-Year in Nov, But Lose Momentum

December 7, 2021 by Forex Winner Leave a Comment

China’s Exports Grow by 22% Year-on-Year in Nov, But Lose Momentum

Source: National Bureau of Statistics of China

China’s exports growth lost steam in November, attributable to a strong yuan, slowing demand, and higher costs, but imports unexpectedly grew. CSI 300 up +0.60%, CNY USD up +0.13%

  • Exports grew by 22% year-on-year in November, remaining slower than the 27.1% increase in the prior month.
  • Imports rose 31.7%, surpassing the 19.8% increase in October, and was higher than the forecasted 20.6% gain.
  • China’s coal imports in November rose to the highest level in 2021 as the economy struggled during the winter to feed its power system due to shortages.
  • The easing of the power shortage also helped to boost demand for copper. Imports of the major industrial metal rose to their highest levels since March.
  • Zhiwei Zhang, the chief economist at Pinpoint Asset Management, stated coal imports rose, reflecting policy change in China to solve the energy shortage crisis, which hampered growth in the third quarter.
  • China’s trade surplus was $71.72B last month, narrower than the forecasted $82.75B and $84.54B surplus posted in October.

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