China’s export figures for November 2023 showed an unexpected rise, growing by 0.5% yoy to USD 291.9B, surpassing the anticipated -0.8% yoy decline. This increase marks the first growth in exports China has seen in seven months.
Notably, exports to US rose by 7% yoy. However, exports to EU and ASEAN experienced declines, falling by -14.5% yoy and -7.0% yoy, respectively.
Conversely, imports decreased by -0.6% yoy to USD 223.5B, significantly underperforming against the expected rise of 3.0% yoy. This decline in imports contributed to widening of trade surplus, which expanded from USD 56.5B to USD 68.4B, exceeding the forecasted USD 58.1B surplus.
Looking at the broader January to November period, China’s exports contracted by -5.2% yoy, while imports declined by -6.0% yoy. The cumulative trade balance for this period stood at a surplus of USD 748.13B.
