China’s exports rose by double digits in November but growth declined, while imports accelerated in a sign of stronger domestic demand.
Exports rose 21.4% over a year earlier to $325.5 billion, decelerating from October’s 27.1% growth, customs data showed yesterday. Imports surged 31.7% to $253.8 billion, up from the previous month’s 20.6% rate.
China’s exports have been boosted by foreign demand at a time when other global competitors are hampered by anti-coronavirus controls.
Stronger imports suggest consumer and other demand is rebounding after a dip brought on by a government crackdown on debt in the real estate industry. Economic growth sank to an unexpectedly low 4.9% over a year earlier in the three months ending in September.
Factory activity also was hampered by power shortages that started in September and the global shortage of semiconductors used in products from cars to smartphones. An earlier survey of manufacturers showed activity rebounded in November as power supplies returned to normal.
“Exports and imports beat expectations last month thanks to stronger demand and easing semiconductor shortages,” said Julian Evans-Pritchard of Capital Economics in a report.
