China trade surplus hits record $75 bn as Nov exports soar
China's politically sensitive trade surplus with the US soared to a record $75.4 billion November as exports surged 21.1 per cent over a year earlier, propelled by strong demand from American consumers.
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Beijing: China's politically sensitive trade surplus with the US soared to a record $75.4 billion November as exports surged 21.1 per cent over a year earlier, propelled by strong demand from American consumers.
Exports to the United States rose 46 per cent despite lingering tariff hikes in a trade war with Washington, customs data showed Monday. Total exports rose to $ 268 billion, up from October's 11.4 per cent growth. Imports gained 5 per cent to $ 192.6 billion, up from the previous month's 4.7 per cent, reflecting the growing strength of China's economic rebound from the coronavirus pandemic.
Chinese exporters are benefiting from the economy's relatively early reopening after the Communist Party declared the disease under control in March while foreign competitors still are hampered by anti-virus controls.
"Exports were much stronger than expected in November," said Julian Evans-Pritchard of Capital Economics in a report. He noted that consumers have stepped up purchases of goods, cutting back on services that may not be safe or available during the pandemic.
