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 international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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