News24
07 Dec 2020, 19:12 GMT+10
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.
Get a daily dose of Shanghai Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Shanghai Sun.
More InformationBRUSSELS, Belgium: European Union foreign policy chief Josep Borrell has said that the bloc would ensure Ukraine that it has ...
Former U.S. President George W. Bush has made an embarrassing mistake in criticizing Russian President Vladimir Putin over his decision ...
WASHINGTON D.C.: The U.S. State Department has announced the launch of a new program to capture and analyze evidence of ...
JAKARTA, Indonesia: A new poll released this week indicated that Indonesian President Joko Widodo's approval rating has hit a six-year ...
EAST JAVA, Indonesia: A tourist bus crashed into a billboard on a highway on Indonesia's main island of Java this ...
BELGRADE, Serbia: Belgrade was paralyzed this week by a series of bomb threats, including against schools, bridges, restaurants and a ...
SYDNEY, NSW, Australia - A reduction of the official lending criteria in China has boosted stocks on the mainland, and ...
SEOUL, South Korea: Korean tech giant Samsung Electronics fell two places in Forbes' rankings of the World's Largest Tech Companies ...
SYDNEY, NSW, Australia - Stocks in Asia mostly sank on Thursday, following on from a rout on Wall Street overnight."There ...
BEIJING, China: The Commercial Aircraft Corp of China (Comac) completed a three-hour pre-delivery test flight of China's C919 aircraft at ...
NEW DELHI, India: Tesla made known this week that it will not sell electric automobiles in India due to the ...
SYDNEY, NSW, Australia - A potential easing of the Chinese government's crackdown on technology companies drove stocks in Hong Kong ...