China Records Highest Ever Exports, up 21% From Last Year

A trade surplus of $75.42 billion in just a month. The Chinese aren't shooting themselves in the spine with shutdowns

China’s trade surplus widened to a record in November, as global demand for the country’s goods grew even more robust.

November exports were up 21% from a year earlier, the General Administration of Customs reported Monday, accelerating from October’s 11.4% and beating economists’ 12% forecast. Imports were up 4.5%, slowing slightly from October’s 4.7% and short of the 5.3% expected by economists. The resulting $75.42 billion trade surplus topped the record set in May, when a drop in imports was the major factor.

China’s exports have topped market expectations since the second quarter, when Beijing moved to restart the world’s second-largest economy after lockdowns and Covid-19 outbreaks at the start of the year. During the pandemic, protective gear and work-from-home tech products have served as pillars for China’s overseas trade, helping it gain global market share.

“Outbound shipments remained strong thanks to a surge in global demand for Chinese-made consumer goods such as electronic products. Exports of other goods were still much more subdued,” said Julian Evans-Pritchard, an economist with Capital Economics.

China’s November shipments to the Association of Southeast Asian Nations and the U.S., its No. 1 and No. 3 trading partners, respectively, were up 10% and 46% from a year earlier, beating October’s pace. Exports to the European Union, its No. 2 trading partner, were up 8.6% after being down 7% in October, according to calculations made by The Wall Street Journal.

Louis Kuijs, an economist with Oxford Economics, said that though he expects a global economic rebound to underpin solid export growth for China in 2021, the country’s performance would likely be less impressive as pandemic purchases taper off once vaccines reduce the need for social distancing.

China’s November imports of goods from the U.S. were up 33% from a year earlier, on par with October’s pace. But purchases of American farm, energy, and other products and services are far below levels promised in the trade deal with the U.S. earlier this year. Through October, Chinese imports of goods covered in the agreement were 55% of the year-to-date targets, according to a calculation based on Chinese figures by Chad Bown, a senior fellow at Peterson Institute for International Economics. Many economists say it would be almost impossible for China to close the gap by the end of the year.

China’s purchases of services from the U.S. and other parts of the world have been depressed this year because of the sharp drop in tourism and education spending during the pandemic.

President-elect Joe Biden said last week that he wouldn’t immediately remove President Trump’s tariffs on China when he takes office next month.

In a two-year trade spat, the Trump administration imposed a series of tariffs on China. They were left in place on about $370 billion in goods after the two countries signed a trade deal in January to pressure Beijing to buy the agreed-on amounts of U.S. goods and services.

Source: The Wall Street Journal

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mijj
mijj
11 months ago

China is treating the pandemic as a medical condition and is using a surgical approach to deal with it. (China’s leaders and the people of China are coherent, in tune) The NSA west is treating the pandemic as political/economic problem and is using the usual political shit-show posturing, lies and political/economic opportunism to fail to deal with it. The NSA west leaders and their populations are an incoherent mess due to the track record of lies and dismissive arrogance towards them.
The only way for the NSA west to fight back against China’s competence and integrity is to have eternal lockdown and total censorship, inject endless anti-china propaganda into articles/blogs/etc on the net and find ways to promote terrorism in China and hope they crawl back and beg for forgiveness.

richseeto
richseeto
11 months ago
Reply to  mijj

Seems like the nastiness of this person knows no bounds!

Jesus
Jesus
11 months ago

Cannot stop a real economy with a make believe economy. China 2025.

richseeto
richseeto
11 months ago
Reply to  Jesus

What’s this supposed to mean???

Jesus
Jesus
11 months ago
Reply to  richseeto

China vs US.

ke4ram
ke4ram
11 months ago

China used the Wests weakness. Power wannabees. So far pathetic citizens are allowing it. Wear a mask, stay home, social distance, wear gloves, wash hands every ten minutes,,,, Yassa Masta.

All over a silly virus the medical tyrants can’t even prove exists! And even if it did,,, a 99.87% recovery rate and 80% only had the sniffles. They tell us 250,000 died of this horrible plague but for some reason, the overall death rate this year is about the same as previous years. Then we’re told the flu is gone this year….hmmmmm, the flu has never ever been “gone” in history.

Well, we all know what they’re doing and shortly many will pay the supreme price for acting like cattle.

cechas vodobenikov
cechas vodobenikov
11 months ago

the difference between a culture that adapts and takes a long view and the crumbing BLM plywood empire

Anti-Empire