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China Trade Balance November 2019

China: Exports contract for fourth consecutive month in November

In November, exports fell 1.1% over the same month last year, coming in below the 0.8% drop in October. Moreover, the print marked the fourth contraction in a row and contrasted the 0.8% rise that market analysts had expected.

Meanwhile, imports rose 0.3% in annual terms in November, contrasting the 6.2% contraction in October and marking the first positive reading in seven months. Moreover, the print was above the 1.4% decline that market analysts had projected.

As a result of the expansion in imports, the trade surplus fell to USD 38.7 billion in November 2019 from USD 41.9 billion in November 2018 (October 2019: USD 42.5 billion surplus). The 12-month moving sum of the trade surplus fell to USD 434 billion from USD 438 billion in October.

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