China's exports fell 1,1% in November compared to the same month in 2018, affected by the trade war with the United States, while imports grew 0,3%, the director of statistics of the General Administration of Customs of the Asian country, Li Kuiwen, reported on Sunday (08.12.2019).
The data came a week before the date set by the US for imposing new tariffs on Chinese products if both sides do not reach an agreement before then to begin resolving their trade dispute.
Despite the expected seasonal rebound due to the Christmas season, Exports marked their fourth consecutive month of decline, which was also more pronounced than the 0,9 percent recorded in October, according to a cable from the Efe agency.
Another surprising figure was that imports rose 0,3% year-on-year, the first increase since April and the second so far this year.
Thus, China's foreign trade surplus fell to $38.730 billion in November from $42.911 billion in October.
Analysts had not expected a drop in exports in November, with most forecasting growth of 0,8 percent, due in particular to the likely seasonal effect of the proximity of the Christmas holidays on sales, especially of electronic products.
The fall in the trade surplus, which analysts had put at $44.300 billion, was also not expected.
«International economic and trade growth has slowed this year» but assured that «China's economy remains stable"Li Kuiwen said when releasing the November data.
China's trade surplus with the United States fell to $24.600 billion in November from $26.450 billion in October, according to the statistics bureau.
Along with what is happening in China, the impact of the trade war is also being felt in US trade data.
The US trade deficit in goods and services fell 7,6% in October to $47.200 billion, the lowest level in 16 months.
U.S. exports fell 0,2 percent to $207.100 billion, while imports fell even more, 1,7 percent to $254.300 billion, Washington reported Thursday.
Source: Telam
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