China Nov. Trade Weakens, Against Strong Industrial, Investment Readings12-10 13:21 Caijing
China posted weak foreign trade figures for November as global demand remained subdued despite recent sighs that the world's second-largest economy is recovering.
Growth in exports declined to 2.9 percent over a year earlier from the previous month's 11.6 percent, customs data showed Monday. Imports were flat from the level a year ago, compared with a 2.4 percent increase in October. November trade surplus narrowed to $19.6 billion, down sharply from $32.0 billion in October, the data showed.
That trade data came after China released a slew of strong economic data for November on industrial production, electricity and property investments, which had bolstered confidence in China's domestic economy.
The split indicates that China is still heavily under the influence of a weak global economy, and domestic demand has improved little.
"November trade data confirm our view that a strong currency orchestrated by the PBOC is not in the interst of China, as the economic recovery is yet broadening led by a strong pick up in investment only and exports continue to face strong headwinds in an uncertain 2013," said Ligang Liu, chief Greater China economist with ANZ, in a statement.
China posted a growth of 5.8 percent in both export and imports for the first eleven months of the year, with exports up 7.3 percent and imports up 4.1 percent, the customs data showed.
Industrial production growth rebounded for the third consecutive month to an eight-month high of 10.1 percent year-on-year, compared with an increase of 9.6 percent in October; Fixed asset investment (FAI)'s year-to-date (ytd) growth remained unchanged at 20.7% y-o-y; Retail sales growth came in stronger than expected, rising to an eight-month high of 14.9% y-o-y in November, according to weekend's data.
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