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Year-on-year gains in Chinese exports and imports in November

08 December 2017

Imports had been expected to rise 11.3 per cent, softening from an 17.2 per cent gain seen in October, with the trade surplus forecast at $35.0 billion last month from October's $38.185 billion. The surplus was forecast to fall to USD35.0 billion from about USD38.2 billion in October.

Reflecting the impact of currency movements over the year, imports grew by 15.6% in local currency terms, above the 12.5% level expected.

In dollar terms, exports advanced 12.3 percent year-over-year in November, well above the 5.9 percent rise economists had forecast.

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Some of China's northern provinces have ordered factories to throttle back or halt output to reduce notoriously thick winter smog, which will likely discourage demand for raw materials shipments such as iron ore. According to calculations from Reuters, that was the second-highest monthly total on record.

China's iron ore imports rose in November even as steel mills are cutting output as part of a government drive against pollution as some analysts said traders were stockpiling inventory.

That left the country with a trade surplus of United States $40.21 billion for the month, according to a Reuters calculation based on official data.

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Crude oil demand also increased, lifting to 37.04 million tonnes from 31.03 million tonnes a month earlier.

Demand for Chinese products has proven robust as growth in major trade partners remains intact, and imports are stabilising as the economy has outperformed this year.

The rebound in imports come as China's yuan has fallen 2.8 percent against the dollar since hitting its 2017 peak on September 8.

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Year-on-year gains in Chinese exports and imports in November