China’s exports rose in November at the fastest pace since February 2018, helped by strong global demand for a range of products including personal protective equipment that remains highly sought after during the pandemic. Exports in November rose 21.1% from a year earlier, customs data showed on Monday, soundly beating analysts’ expectations for a 12.0% increase and quickening from an 11.4% increase in October. Imports rose 4.5% year-on-year in November, slower than October’s 4.7% growth, and underperforming expectations in a Reuters poll for a 6.1% increase, but still marking a third straight month of expansion. Analysts say improving domestic demand and higher commodity prices helped buoy the reading. That has led to a trade surplus for November of $75.42 billion, the largest since at least 1981 when Refinitiv records began. It was also wider than the poll’s forecast for a $53.5 billion surplus and a $58.44 billion surplus in October. China’s exports were supported by strong overseas demand for personal protective equipment (PPE) and electronics products for working from home, as well as seasonal Christmas demand, Nomura analysts said in a note. “We believe China’s export growth could remain elevated for another several months due to the worsening COVID-19 situation… Read full this story
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