China's imports mark the biggest drop in 14 months!
China's exports and imports missed expectations in November, data from the country's customs authority showed on Tuesday, fueling concerns about the health of the Chinese economy as consumer demand remains sluggish and tariff threats mount.
Import data surprised with a 3.9% drop, marking the sharpest decline since September 2023. Analysts had expected imports to rise 0.3%. Exports rose 6.7% in US dollar terms from a year ago, significantly lower than the 12.7% increase in the previous month. Analysts in a Reuters poll had expected exports to rise 8.5% from a year earlier in November.
China's exports to all of its major trading partners, the US, the European Union and the Association of Southeast Asian Nations, all rose in November from a year earlier. Exports to ASEAN countries grew the most, by nearly 15%, according to official data. Imports from the largest trading partner ASEAN fell 3%.
China's exports to the US rose 8% year-on-year while imports fell over 11%. The country's exports to the European Union increased by 7.2% while imports decreased by 6.5% from a year ago. China's exports to Russia fell by 2.5%, while imports fell by 6.5%.
The volume of China's rare earth exports rose nearly 5% from a year earlier in November, shipping 4,416 metric tons of the mineral, used in products ranging from electric vehicles to consumer electronics. Cumulative exports in the months to November this year increased by 6.6% from a year ago.
The country's rare earth imports fell over 20% from a year ago to 11,327 tonnes. The country announced a new policy in July to increase its oversight of the domestic rare earth industry over national security concerns.
China's steel exports last month rose 16% from a year earlier to 9.28 million tons. The country's steel exports have increased this year and are expected to exceed 100 million metric tons, matching levels seen last year in 2016.
Exports have been a rare bright spot for the world's second-largest economy, which has been hurt by weak domestic consumption and a prolonged housing slump. According to customs data released on Tuesday, exports so far in US dollar terms rose 5.4% to $3.24 trillion, while imports rose 1.2% to $2.36 trillion from a year earlier.
The November trade data came a day after China's top leadership pledged to increase monetary and fiscal policy stimulus to boost growth next year and promised "unconventional countercyclical adjustments" to bolster domestic consumption demand.
Domestic manufacturing activity expanded for a second straight month in November, with the official purchasing managers' index rising to 50.3, as Beijing's existing stimulus measures helped lift some aspects of the ailing economy. However, domestic demand has remained soft. China's consumer inflation fell to a five-month low in November, rising 0.2% from a year earlier, official data showed on Monday.
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