China: Exports slow but remain resilient
December 12, 2011
Exports continued to moderate in November, growing 13.8% over the same month last year following a 15.9% expansion in October. However, the print still came in above the 10.9% rise expected by the market. On the other hand, imports added 22.1% over the same month last year, which came in below the strong 28.7% expansion recorded in October, but overshot market analysts' expectations of an 18.8% rise. As a result, the trade surplus narrowed from USD 17.0 billion in October to USD 14.5 billion in November, below the USD 15.2 billion anticipated by market analysts. According to analysts, the November figures show that the Eurozone crisis is having a real but still limited impact on Chinese exports. That said, the government is likely to take action to support its export industry, given the uncertain outlook for exports next year.