China’s exports growth accelerated more-than-expected in November driven by strong demand for electronic goods and medical equipments, official data revealed Monday.
Exports advanced 21.1 percent on a yearly basis in November, the General Administration of Customs reported. This was the biggest growth since February 2018.
Economists had forecast shipments to grow 12 percent after rising 11.4 percent in October.
At the same time, imports grew moderately by 4.5 percent annually, which was faster than the 6.1 percent increase expected by economists but slower than the 4.7 percent increase logged in October.
As a result, the trade surplus increased to $75.4 billion in November. Economists had forecast the surplus to fall to $53.5 billion from $58.44 billion in the previous month.
China’s trade surplus with the United States was $37.42 billion in November.
According to Purchasing Managers’ survey, China’s manufacturing sector grew the most in a decade in November. Orders for manufactured goods continued to grow led by firmer domestic demand. Growth in new export work was not as marked as that seen for total orders.
Last week, the Organisation for Economic Cooperation and Development said the activity in China would to return to its past trajectory, with growth of 8 percent in 2021 and 4.9 percent in 2022.
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