Chinas trade surplus widened to a record in November, as global demand for the countrys goods grew even more robust.
November exports were up 21% from a year earlier, the General Administration of Customs reported Monday, accelerating from Octobers 11.4% and beating economists 12% forecast. Imports were up 4.5%, slowing slightly from Octobers 4.7% and short of the 5.3% expected by economists. The resulting $75.42 billion trade surplus topped the record set in May, when a drop in imports was the major factor.
Chinas exports have topped market expectations since the second quarter, when Beijing moved to restart the worlds second-largest economy after lockdowns and Covid-19 outbreaks at the start of the year. During the pandemic, protective gear and work-from-home tech products have served as pillars for Chinas overseas trade, helping it gain global market share.
Outbound shipments remained strong thanks to a surge in global demand for Chinese-made consumer goods such as electronic products. Exports of other goods were still much more subdued, said Julian Evans-Pritchard, an economist with Capital Economics.
Chinas November shipments to the Association of Southeast Asian Nations and the U.S., its No. 1 and No. 3 trading partners, respectively, were up 10% and 46% from a year earlier, beating Octobers pace. Exports to the European Union, its No. 2 trading partner, were up 8.6% after being down 7% in October, according to calculations made by The Wall Street Journal.