China Nov export growth slows to 6.7% on year; imports fall 3.9%

SINGAPORE (ICIS)–China’s exports in November grew at a slower year-on-year rate of 6.7% to $312.3 billion amid trading headwinds from a potential wave of tariffs to be levied by the incoming US administration.

The growth was about half the 12.7% pace recorded in the previous month, official data showed on Tuesday.

Exports to the US for the month grew by 8% year on year, while those to the EU increased to 7.2%.

Meanwhile, China’s shipments to ASEAN countries posted a double-digit growth of 15% over the same period.

Overall imports of the world’s second-biggest economy in November, on the other hand, fell by 3.9% year on year to $214.9 billion on weaker domestic demand, resulting in a trade surplus of $97.4 billion, China Customs data showed.

For the first 11 months of 2024, China’s total exports increased by 5.4% year on year to $3.2 trillion, while imports rose at a slower pace of 1.2% over the same period to $2.4 trillion, the data showed.

The country’s total crude import volume in January-November 2024 declined by 1.9% year on year to 50.6 million tonnes.

China is the world’s biggest oil importer and consumer.

It is also a major importer of petrochemicals but its self-sufficiency has been growing over the years amid ongoing heavy capacity additions.

Thumbnail image: At the Qinzhou Automated Container Terminal of Beiwan Port in China on 5 December 2024. (Costfoto/NurPhoto/Shutterstock)