China: Trade Data Slows, Domestic Economy Strengthens

December 10th, 2012
in econ_news, syndication

Econintersect:  China has announced trade data for November and recent breaking-news-130px7strength in that area was not continued.  Imports were unchanged year-over-year and exports grew by only 2.9% after increasing by 11.6% in October from a year earlier.  The Chinese balance of trade surplus was only $19.6 billion in November, the lowest since $18.7 billion in May.  According to MarketWatch, the consensus expectation had been for a trade surplus of $27.8 billion.

Follow up:

Other data over the weekend was more encouraging for China.  Industrial production growth up ticked to 10.1% year-over-year growth in November, compared to 9.6% for October.  Retail sales also increased growth in November (14.9% y-o-y).  This was an improvement from October when the number had been 14.5%.

Consumer price inflation was 2.0% in November.  In October CPI had hit a post-recession low of 1.7%.  The number remained well below the government's target rate of 4%.

After having been a double digit contributor to GDP growth in China for several years, 2012 GDP growth  is on track to have less than 10% coming from exports.

John Lounsbury


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