China’s exports slow, imports decline, in November falling below forecasts

With exports outpacing imports, China’s trade surplus rose to USD 97.4 billion. File (Representational image)
| Photo Credit: Reuters

China’s exports slowed in November and its imports declined, falling below forecasts and underscoring potential weakness in trade at a time when its leaders are striving to boost the economy after the shocks of the COVID-19 pandemic.

Customs data on Tuesday (December 10, 2024) showed exports grew 6.7% from a year earlier, down from a 12.7% increase in October(2024). Analysts had estimated that exports had risen more than 8%.

Imports fell 3.9% from a year earlier(2023), reflecting weak demand from industries and consumers. With exports outpacing imports, China’s trade surplus rose to $97.4 billion. The report came a day after Beijing pledged to loosen monetary policy and provide more support for the world’s no. 2 economy.

U.S. President-elect Donald Trump has threatened to slap tariffs of 60% or more on imports of Chinese goods, complicating Beijing’s efforts by threatening an area of the economy that has performed relatively well. At the same time, the property sector remains in the doldrums and consumer spending remains fragile.