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The rise in exports happened even as shipments to the United States kept falling sharply. Exports to the US reached $33.8 billion, a decline of 28.6 per cent compared to the same month last year. The recovery follows a tentative easing of trade tensions after leaders of both nations met in late October to stabilise relations amid an ongoing trade dispute.
Imports rose by 1.9 per cent in November, signalling a continued slowdown in domestic consumption. The figure fell short of Bloomberg’s three per cent growth forecast, highlighting ongoing weakness in household and business expenditure across China.
Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, stated that the export rebound helps to partly offset domestic challenges. “The rebound of export growth in November helps to alleviate the weak domestic demand,” he noted.
However, he also mentioned that overall economic momentum has decelerated in the fourth quarter, partly due to ongoing weakness in the country’s extensive property sector.