China exports power ahead on demand from US, Europe

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China’s exports grew much more strongly than expected in November, official figures showed on Sunday, as a rebound in overseas shipments gained strength on demand from the United States and Europe.

Exports increased 12.7 percent to $202.2 billion from November last year, the General Administration of Customs said, compared with a forecast of seven percent in a poll of 11 economists by the Wall Street Journal reported by Dow Jones Newswires.

Imports were up 5.3 percent year-on-year to $168.4 billion, with China’s November trade surplus expanding to $33.8 billion from $31.1 billion in October.

The November surplus was also considerably larger than the median forecast of $21.7 billion by the 11 economists.

The surprisingly strong exports data came after overseas shipments expanded 5.6 percent in October following a decline of 0.3 percent in September.

“China’s November exports came in much higher than expected”, ANZ bank economists Liu Li-Gang and Zhou Hao said in a report, citing “better demand from developed economies” the United States and the European Union.

The latest trade data came after China’s economy snapped out of a first-half slump, with gross domestic product (GDP) growth in the third quarter accelerating to 7.8 percent after it slowed during the first two quarters.

Earlier this month, official figures showed that China’s manufacturing growth in November maintained a strong pace from the previous month to stay at a 19-month high.

The purchasing managers’ index (PMI) was at 51.4, unchanged from October, the National Bureau of Statistics said.

A reading above 50 signals expansion while a figure below indicates contraction.

In the first 11 months of the year, China’s total trade, combining exports and imports, reached $3.8 trillion, up 7.7 percent from the same period last year, Customs said. The government’s target for 2013 is eight percent.

“The data in January-November suggest that China could achieve the eight percent trade growth target for the whole year”, Liu and Zhou said.

They cautioned, however, against over-optimism, stressing what they described as “inflated export growth in the first half of the year” when companies were caught over-invoicing, which instigated a crackdown by Chinese authorities on the practice.

 

 

 

 

Source : Channel News Asia | December 8, 2013

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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