China says exports rise for first time in seven months
CHINESE exports rose in November for the first time in seven months, officials said on Thursday (Dec 7), as the country navigates a troubled recovery from the Covid-19 pandemic.
Overseas shipments edged up 0.5 per cent on-year to US$291 billion, the General Administration of Customs (GAC) said, marking their first increase since April.
The figure was much better than the 0.3 per cent contraction forecast by analysts in a Bloomberg poll.
However, imports slipped back into contraction, falling 0.6 per cent to US$224 billion, the GAC said.
Chinese exports – long a key growth driver – have largely been in decline since last October except for a short-lived rebound in March and April.
They slumped 6.4 per cent in October, faring far worse than analysts’ predictions.
The world’s second-largest economy expanded a moderate 4.9 per cent in the third quarter, slightly less than Beijing’s 5 per cent target, which is one of the lowest in years.
Officials have struggled to sustain a recovery from the impact of the Covid-19 pandemic, even after removing draconian containment measures at the end of 2022.
Exports have been hit by weak global demand, while a debt-fuelled property crisis and low consumption have caused headaches at home.
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Consumer prices shrank 0.2 per cent in October, marking a return to deflation following a modest rebound from the summer.
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