According to the latest data released by China's General Administration of Customs, China's imports and exports in November fell short of market expectations, indicating weak demand both domestically and internationally. Specifically, exports grew by 6.7% year-over-year in November. Although this growth rate is still relatively fast, it is significantly lower than analysts' expectations of 8.5% and the 12.7% growth seen in October. This slowdown suggests that overseas demand for Chinese goods may be cooling, affecting overall export performance.
Meanwhile, import data also show pressure on domestic demand. Imports fell by 3.9% year-over-year in November, well below the market's expectation of a 0.3% increase, and the decline was greater than October's drop of 2.3%. This indicates that Chinese domestic consumption and industrial production still face significant challenges.
Despite the weakness in import and export data, China's trade surplus unexpectedly grew. The trade surplus in November increased to $97.44 billion, exceeding market expectations of $94 billion, and rose from October's $95.27 billion. This result reflects global supply chain adjustments and the relative competitiveness of Chinese product prices.
In the face of current economic pressures, the Chinese government has signaled an intention to strengthen stimulus measures. The government has promised to adopt targeted fiscal policies, particularly in promoting consumption and increasing domestic demand, and more incentive policies are expected to be introduced. Additionally, the Central Economic Work Conference will be held this Wednesday, with widespread market expectations that the government will release more details on stimulus measures during the meeting.
