Key Points

Both China’s exports and imports fell short of expectations in November, with exports rising 6.7% in US dollar terms from a year earlier and imports falling 3.9%, according to data from China’s customs authority. country.

China’s exports and imports fell short of expectations in November, with exports rising 6.7% in US dollar terms and imports falling 3.9% from a year earlier, data from China’s customs authority showed. country on Tuesday.

Outbound shipments fell short of Reuters poll expectations for 8.5% year-on-year growth. Exports had increased by 12.7% in October, marking their highest growth since March 2023, according to LSEG data.

Meanwhile, import data surprised with a 3.9% drop. Analysts expected growth of 0.3%.

Year-to-date US dollar exports rose 5.4% to $3.24 trillion, while imports rose 1.2% to $2.36 trillion from a year earlier, the data showed. of customs published on Tuesday.

Exports have been a rare bright spot for the world’s second-largest economy, which has been marred by lackluster domestic consumption and a prolonged housing crisis.

The November trade data came a day after China’s top leaders pledged to step up monetary and fiscal policy stimulus to boost growth next year and promised “unconventional countercyclical adjustments” to boost consumer demand. internal.

Export growth is likely to remain strong into early 2025 as U.S. importers continue to “front-load” Chinese purchases, said Erica Tay, head of macroeconomic research at Maybank, although she noted there could be “a drop in the second semester.” next year, as US tariffs take their toll.

Manufacturing activity in the country expanded for the second straight month in November, with the official Purchasing Managers’ Index rising to 50.3, as Beijing’s existing stimulus measures helped improve certain aspects of the ailing economy.

However, domestic demand has remained weak. China’s consumer inflation fell to a five-month low in November, rising 0.2% from a year earlier, official data showed on Monday.