China's Export Growth Tops Expectations

China's Export Growth Tops Expectations

Export growth also beat, lifting by 12.3% over the same period in United States dollar terms, a sharp improvement on the 6.9% level of October and forecasts for an increase of 5%.

Trade of private enterprises grew 16.9 percent to 9.68 trillion yuan in the first 11 months, accounting for 38.5 percent of the total, and 0.4 percentage points higher than the same period a year ago.

The number beat analysts' forecast of a 5.0 per cent increase and compared with 6.9 per cent growth in October.

Shipments of the steelmaking material rose 18.9 percent to 94.54 million tonnes in November from the previous month and were up 2.8 percent from a year ago, data from the General Customs of Administration showed on Friday.

Year-to-date exports fell 30.7 percent to 69.83 million tonnes on-year, customs data showed.Steel imports rose to 1.14 million tonnes from 0.95 million tonnes in October, but total January-November imports stood nearly steady at 12.1 million tonnes compared with 12.02 million tonnes a year ago.

Meanwhile, China's exports of unwrought aluminium and aluminium products rebounded in November after four straight months of declines. According to calculations from Reuters, that was the second-highest monthly total on record.

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In the first 11 months, foreign trade volume rose 15.6 percent from a year earlier to 25.14 trillion yuan.

Exports stood at 380,000 tonnes, up 8.6 percent from 350,000 tonnes in October and flat on a year earlier.

"Coal traders are seeking cheaper fuel from overseas markets as miners in China have been ordered to cut capacity to tackle environmental and safety inspections", said Zhang Min, analyst at Sublime Info.

Iron traders started stockpiling product as prices fell last month in anticipation of stronger demand after the winter months, traders and analysts said. "We expect exports to continue to perform well in the coming months on the back of strong global demand", Capital Economics China economist Julian Evans-Pritchard wrote in a note.

However, the economist said he is sceptical that the strength of imports can be sustained given that the delayed impact of policy tightening and a cooling property market are set to weigh on Chinese demand for commodities in coming quarters.

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