China November trade surplus leaps 61.4% to record $54.47b

9566_Canary-Wharf-with-Chinese-flag

The trade surplus beat August’s previous record of US$49.8 billion and was also better than the median forecast of US$45.1 billion in a survey of 16 economists by Dow Jones Newswires.

China’s trade surplus hit a record $54.47 billion in November, soaring 61.4 per cent on-year as imports to the world’s second-largest economy surprisingly fell, the government said Monday (Dec 8).

Exports grew at a slower 4.7 per cent year-on-year to US$211.66 billion in November, while imports dropped 6.7 per cent to US$157.19 billion, the General Administration of Customs said, highlighting continued weaknesses in the world’s number two economy.

The trade surplus beat August’s previous record of US$49.8 billion and was also better than the median forecast of US$45.1 billion in a survey of 16 economists by Dow Jones Newswires.

But export growth slowed from the 11.6 per cent year-on-year expansion in October, while the unexpected contraction in imports compared with growth of 4.6 per cent that month. Analysts had expected exports to grow 8.0 per cent and imports to expand 3.9 per cent.

The latest trade figures come as China is assailed by weakness in industrial and financial sectors, prompting the country’s central bank last month to cut benchmark interest rates for the first time in more than two years. China’s gross domestic product (GDP) grew an annual 7.3 per cent in the third quarter, the slowest since the height of the global financial crisis in early 2009.

 

 

Source : Channel News Asia | December 8, 2014

Thomas D’Innocenzi

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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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