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China’s November Trade Numbers Remain Challenging

Well-known Chinese news site Sina recently reported that official trade numbers showed no recovery for China’s imports and exports. In December, China’s export growth rate declined 1.1 percent, year-over-year. Exports to the U.S. in December dropped by 23 percent, year-over-year. The U.S tariff is having an effect. China’s export growth rate to the EU declined by 3.8 percent in December, the rate to Japan declined by 7.8 percent, and to Hong Kong it declined by 7.2 percent, year-over-year. The exports to ASEAN (Association of Southeast Asian Nations) increased by 18 percent in November.

Among all exported goods, cellphones, apparel, suitcases, and furniture saw the most significant decline. In terms of imports, the total from the U.S. had a major increase of 2.7 percent. The Chinese imports of U.S. soybeans especially, increased by 40.9 percent, year-over-year. Among all imported goods, integrated circuits (IC) and automobiles saw the most significant growth. The Chinese international trade surplus reached US$38.7 billion, which is a decline from October’s US$42.8 billion level.

Source: Sina, December 8, 2019