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China export growth slows

2024-12-10 HKT 14:18
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  • Official figures show Chinese exports grew 6.7 percent in November from a year earlier. File photo: AFP
    Official figures show Chinese exports grew 6.7 percent in November from a year earlier. File photo: AFP
Chinese exports rose in November at a slower rate than expected while imports shrunk further, official data showed on Tuesday, reinforcing the need for more support a day after top officials pledged to bolster growth.

Outbound shipments grew 6.7 percent last month, compared with a 12.7 percent rise in October.

Exports grew 5.4 percent on-year in January-November.

"China's exports were perhaps the biggest upside surprise for the economy in 2024," wrote Lynn Song, Chief Economist for Greater China at ING.

This is "one of the main reasons China is set to achieve its 'around five percent' growth target" for this year, he added.

Some analysts say that the latest setbacks are likely to be temporary.

“We expect exports to accelerate again in the coming months, supported by gains in export competitiveness and exporters front-running tariffs,” Huang Zichun of Capital Economics said in a note.

Others pointed out that the recent spike in exports could be down to companies ramping up stockpiles amid fears of another China-US trade war when Donald Trump takes the White House next month.

Meanwhile, imports shrank 3.9 percent, their worst performance in nine months.

Xing Zhaopeng, senior China strategist at ANZ, attributed the poor import figure to falling commodity prices.

China's trade surplus grew to US$97.44 billion last month, up from US$95.72 billion in October. (Agencies)

China export growth slows