• China's exports jumped in November by the most since early 2018, pushing its trade surplus to a monthly record high.
• Chinese companies shipped $268 billion in goods in November, the most for any single month and more than 21% higher than the same month last year.
• the figures illustrate how the pandemic has complimented China's manufacturing strengths, as consumers worldwide reduced spending on services due to coronavirus closures.

China's exports jumped in November by the most since early 2018, pushing its trade surplus to a monthly record high and underlining how global demand for pandemic-related goods is supporting a growth rebound in the world's second-largest economy.

Chinese companies shipped $268 billion in goods in November, the most for any single month and more than 21% higher than the same month last year. Import growth eased to 4.5%, leaving a trade surplus of $75.4 billion - the largest on record in data going back to 1990.

Strengthened by the seasonal surge ahead of the year-end holidays, the figures illustrate how the pandemic has complimented China's manufacturing strengths, as consumers worldwide reduced spending on services due to coronavirus closures. Combined with a pick-up in China's domestic consumption and investment, they also suggest that the country's economic rebound remained on track in November.

Virus restrictions

The widening trade surplus could put further upward pressure on the yuan, which has already appreciated more than 6% against the dollar this year, one of the best performers in Asia. Beijing has previously come under attack by the US and Europe because of its currency intervention to weaken the yuan.

As a result of changing patterns of trade due to the pandemic, China's trade surplus with the US reached a new monthly record of $37.4 billion in November. That's despite Beijing promising a steep increase in imports from the US this year as part of a phase-one trade deal aimed at halting trade disputes with Washington.

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Source: News24