China logs strong exports, imports, as economy gains steam

China logs strong exports, imports, as economy gains steam

Figures posted on the customs department website show exports expanded 12.3 per cent to $217.4 billion in November over a year earlier.

The upswing in global demand has meant nine straight months of rising Chinese exports, a significant factor in the country's higher-than-expected economic growth in the first three quarters - after two years in which weak exports were a drag on growth.

Similarly, imports surged 17.7% in November from a year ago, faster than the expected growth of 13.0%.

A poll of economists by The Wall Street Journal had forecast the value of shipments overseas to grow 6.0%.

In yuan terms, the surplus fell to 263.6 billion yuan, down from 285.4 billion yuan in October.

They're opposed to giving China market economy status, which would make it harder for them to win anti-dumping cases against Beijing for exporting goods at improperly low prices.

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Overall trade data showed China's exports and imports unexpectedly accelerated last month even as concerns linger about the impact of the government's crackdown on financial risks and polluting factories.

Chinese trade data continues to impress with annual import and export growth, along with the nation's trade surplus, beating expectations in November.

Iron ore imports "were not necessarily just by steel mills but could have been also purchased by traders", said Helen Lau at Argonaut Securities in Hong Kong. Output cuts by Chinese steelmakers have led to tighter supplies, pushing steel prices to multi-year highs and driving up prices of iron ore as mills and trades restock in anticipation for steel production recovery after March.

It accounted for almost 70% of China's total trade surplus with all its trading partners, which widened to $40.21bn from $38.2bn the previous month.

Year-to-date imports were up 8.4 percent at 284 million tonnes, according to the data.

"We expect exports to continue to perform well in the coming months on the back of strong global demand", said Julian Evans-Pritchard, an economist with Capital Economics.

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