China’s Exports Tick Higher in November as Imports Fall Slightly
BEIJING — China’s exports unexpectedly rose in November, while imports fell slightly from a year ago, according to customs agency data released Thursday.
In U.S. dollar terms, exports rose by 0.5% from a year ago, contrary to expectations for a 1.1% decline, according to analysts polled by Reuters. Meanwhile, imports fell by 0.6%, missing the Reuters’ forecast for a 3.3% increase from a year ago.
According to CNBC calculations of official data, the value of China’s exports to the U.S. rose by 7% in November from a year ago, while China’s exports to the European Union fell by 14.5% year-on-year in November and those to the Association of Southeast Asian Nations fell by 7%.
Overall, the muted change in trade did little to offset an overall decline of about 5% to 6% for China’s exports and imports for the first 11 months of 2023.
Bruce Pang, chief economist and head of research for Greater China at JLL, attributed the uptick in exports to businesses’ strategy of cutting prices to boost volume in recent months. He noted that “external demand is still relatively weak, and holiday orders are lower than expected.”
Pang also highlighted the challenges in both domestic and overseas demand, calling for policy support that focuses not only on the supply side, but on achieving lasting results.
The increase in exports of toys, electronics, and cars was noted, while there was a drop in exports of clothes, shoes, and furniture. On the import side, China bought less from the U.S. and Southeast Asia in November, but imports of goods from the EU rose slightly, according to the data.
In a sign of continued weakness in global demand, a monthly Caixin survey of manufacturers showed that new export orders stayed in contraction for the fifth straight month. Additionally, China’s National Bureau of Statistics reported that its manufacturing purchasing managers’ index unexpectedly ticked lower to 49.4 in November from 49.5 in October.
The unexpected rise in exports in November follows data released last week that showed an unexpected rise in imports in October. Demand for Chinese goods has fallen this year as global growth slows.
Despite the bright spot in November’s trade data, the global economic outlook and the ongoing U.S.-China trade tensions continue to present risks for China’s economy.
— CNBC’s Clement Tan contributed to this report.