- China’s exports and imports both missed expectations in November, with exports rising 6.7% in U.S. dollar terms from year ago and imports falling 3.9%, data from the country’s customs authority.
China’s exports and imports both missed expectations in November, data from the country’s customs authority showed Tuesday, fueling worries over the health of the Chinese economy as consumer demand remains sluggish and tariff threats loom.
Import data surprised with a decline of 3.9%, marking the sharpest fall since September 2023. Analysts had expected imports to grow 0.3%.
Exports rose 6.7% in U.S. dollar terms from a year ago, sharply lower than the 12.7% growth in the previous month. Analysts in a Reuters poll had expected exports to climb 8.5% from a year ago in November.
The year-to-date exports in U.S. dollar term rose 5.4% to $3.24 trillion, while imports increased 1.2% to $2.36 trillion from a year ago, according to the customs data released Tuesday.
Exports have been a rare bright spot for the world’s second-largest economy that has been marred with lackluster domestic consumption and a prolonged housing downturn.
The November trade data came a day after China’s top leadership pledged to ramp up monetary and fiscal policy stimulus to boost growth next year, and promised “unconventional counter-cyclical adjustments” to bolster domestic consumption demand.
Export growth, however, is expected to pick up going into early 2025, as U.S. importers continue to “front load” Chinese purchases, said Erica Tay, director of macro research at Maybank, while pointing out there could be “a fall-off in the second half” of next year, as U.S. tariffs bite.
Manufacturing activity in the country expanded for a second straight month in November, with the official purchasing managers’ index rising to 50.3, as Beijing’s existing stimulus measures helped lift certain aspects of the ailing economy.
Domestic demand though has remained soft. China’s consumer inflation fell to a five-month low in November, climbing 0.2% from a year earlier, official data on Monday showed.
This is breaking news. Please check back for updates.
