Econintersect: China’s trade surplus reached a level in November 2013 not seen in more than four years. This was driven by a strong surge in exports which rose more than expected by 12.7 % from the same month a year ago. Imports increased year-over-year by 5.3%, less than had been expected. The trade surplus was $33.8 billion. This was the largest number since January 2009. The export value for November reached an all-time single month record of $202.2 billion.
There are questions about sustainability. The latest PMI numbers indicated a subdued expectation for exports as new export orders were not as strong as people had expected, according to a report from Bloomberg. Last week GEI News reported (From the Markit-HSBC PMI report) that new export orders expanded at a “fractional pace” in November.
From Trading Economics:
The current trade surplus is the highest in history except for the five month period August 2008 through January 2009.
Late news note: Everything was coming up roses for China this week-end as the November CPI (Consumer Price Index) report came in lower than expected, up 3.0% year-over-year, down from 3.2% for October. PPI (Produce Price Index) fell 1.4% y-o-y in November, down from an decrease of 1.5% in October but up from September’s 1.3% fall. November was the 21st consecutive month of producer price deflation.
- China Exports Rise More Than Estimated (Bloomberg News, 07 December 2013)
- China: PMI Shows Slight Improvement (GEI News, 02 December 2013)
- China Economic Indicators (Trading Economics, 09 December 2013)
- China November consumer price index up 3% on year (CNBC, 08 December 2013)