China trade balance up more than expected in Nov but exports, imports disappoint
2024.12.09 23:13
Investing.com– China’s trade balance unexpectedly grew in November, although disappointing readings on exports and imports suggested that overseas and local demand still remained sluggish.
rose to $97.44 billion in November, government data showed on Tuesday. The reading was higher than expectations of $94 billion and increased from the $95.27 billion seen in the prior month.
grew 6.7% year-on-year, still a relatively fast pace but slower than the 8.5% forecast by analysts. Export growth also slowed sharply from the 12.7% seen in October.
The reading suggested that overseas demand for Chinese goods may be cooling, especially as global companies attempt to wean off their dependence on China ahead of potential U.S. trade tariffs under incoming President Donald Trump.
Chinese painted a bleak picture of local demand, shrinking 3.9% in November against expectations for a rise of 0.3%. November’s reading also showed a deepening decline from the 2.3% drop seen in October.
The import data suggested that local demand had seen little improvement in recent months even as Beijing doled out a slew of stimulus measures to support growth.
China’s Politburo on Monday offered its most clear signals yet that more stimulus support was on the way, with Beijing pledging targeted, fiscal measures to boost consumption and local demand.
China’s Central Economic Work Conference, which begins on Wednesday, is now expected to offer more cues on stimulus.
