Weak imports in November push China surplus to record high

Beijing

CHINA posted disappointing trade figures in November - its imports fell on weak domestic demand, sending its surplus to a record high. By coming in below expectations, the data puts additional pressure on Beijing, as the world's second largest economy shows increasing signs of a sharper-than-expected slowdown and of being on course to clock its slowest annual growth rate in 24 years. Exports grew 4.7 per cent year-on-year and imports fell by a surprising 6.7 per cent. The surplus hit a record US$54.47 billion last month, the customs administration said.

Economists polled by Dow Jones Newswires had forecast exports to rise 8 per cent, and imports, to rise by 3.9 per cent. Julian Evans-Pritchard of Capital Economics said: "The November trade data suggests that both external and domestic demand have softened somewhat."