China Trade Balance

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China: External sector moderates amid global slowdown

December 9, 2012

Exports deteriorated in November after hitting a five-month high in October, as global demand remains weak. In November, exports rose 2.9% over the same month the year before, which was only a fraction of the 11.6% rise seen in the previous month. In addition, the print undershot market expectations that had shipments increasing 9.0%. As a result of the monthly reading, in the 12 months up to November, exports grew 7.9% over the same period the year before (October: +8.8% year-on-year).

Meanwhile, imports growth was flat over the same month the year before, which was down from the 2.4% increase tallied in October. Moreover, the reading came in below market expectations of a 2.0% rise. As a result, imports expanded 4.7% in annual terms in the last 12 months (October: +6.5% yoy).

The trade balance reached a USD 19.6 billion surplus in November - the lowest since May - which prompted the 12-month moving sum of the trade balance to rise to a USD 218 billion surplus in November, larger than the USD 213 billion surplus observed in October.


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China Trade12m November 2012



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