China's exports jumped to record levels in November, offering fresh evidence of the world's second-largest economy's solid recovery from the COVID-19 pandemic that continues to ravage many major economies, while slower growth in imports also underscored persistent pressure on domestic demand from the virus.
During the month, exports jumped 21.1% year-on-year, stronger than October's growth rate of 11.4% and beating market expectations of around 12% growth, according to data from the General Administration of Customs (GAC) on Monday. That brings November's exports to a record high of US$ 268 billion.
The strong rebound is another indication that the Chinese economy remains firmly on a solid recovery trajectory, Cao Heping, an economist at Peking University said underlining that China's manufacturing sector is back in full swing, as factories in other countries continue to be hit by the pandemic.
The record exports were supported by strong foreign demand for medical supplies and other pandemic-related products, including electronic devices for working from home. In the first 11 months, exports of medical equipment jumped 42.5 percent year-on-year, while home appliances exports rose by 20.6 percent year-on-year.
It wasn't just medical supplies and electronics. A whole host of Chinese goods also saw hot demand in overseas markets. Exports of textile products, for instance, jumped 31 percent during the January-November period.
It looks like the capability of China's role as the world's factory is on full display, Cao said.
Strong demand for Chinese products also came from almost all major economies, with exports to the Association of Southeast Asian Nations, which remains China's top trading partner, rising 5.8%. Exports to the EU and the US grew by 5.7% each.
Tian Yun, a vice director of the Beijing Economic Operation Association, said that China's GDP growth will see a strong rebound next year. Some Chinese economists predicted that China's GDP could grow by 2% this year and by 8-9% in 2021. In the fourth quarter of 2020, GDP growth could reach 6%, compared with 4.9% in the third quarter, according to Tian.
Top CommentsDisclaimer & comment rules
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!