China: Trade data show sharp deterioration in November
December 8, 2014
In November, exports increased 4.7% over the same month last year, which was a sharp deterioration over the 11.6% expansion tallied in October. The print undershot the 8.2% increase that market analysts had expected and represented the weakest growth in seven months. Imports recorded the sharpest drop since March, falling 6.7% annually in November. The print contrasted the 4.6% increase observed in the previous month and came in well below the 3.9% expansion that market analysts had expected.
As a result of the underperformance in imports, the trade balance surplus posted the largest monthly surplus on record. The trade surplus widened to USD 54.5 billion in November (October 2014: USD 45.4 billion) from the USD 33.7 billion recorded in the same month last year. Moreover, the print overshot market expectations of a USD 43.5 billion surplus. The 12-month moving sum of the trade surplus jumped from USD 335 billion in October to USD 356 billion in November, which represented the highest level on record.