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 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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