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Financial News: China Exports, Imports Grow More Than Expected

China Exports, Imports Grow More Than Expected

12/07/2021 - 00:41:00 (RTTNews)

(RTTNews) - China's exports and imports expanded notably and exceeded economists' expectations in November but the pace of exports growth slowed reflecting easing demand, official data revealed on Tuesday.

According to the General Administration of Customs, exports grew at a pace of 22 percent year-on-year in November, faster than the economists' forecast of 19 percent. However, this was slower than the 27.1 percent increase posted in October.

Meanwhile, imports growth advanced to 31.7 percent from 20.6 percent a month ago. This was also bigger than the 19.8 percent increase expected by economists.

As a result, the trade surplus fell more-than-expected to $71.7 billion in November from $84.5 billion in October. The surplus was forecast to fall to $82.7 billion.

In the near-term, the emergence of the Omicron variant is likely to support demand for China's exports, Julian Evans-Pritchard, an economist at Capital Economics, said. But its impact further ahead is still uncertain.

"Meanwhile, we doubt the latest uptick in imports is the start of a sustained rebound given that property construction looks set to weaken further," he added.

Data came a day after the central bank lowered its reserve requirement ratio for the second time this year in order to support growth. The bank had reduced the RRR for major commercial banks by 50 basis points.

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