MNI DATA IMPACT:China Nov Exports Up 21.1% Y/Y; Imports Steady

China's exports jumped to a 33-month high in November as demand for all traditional export products, including electronics, textiles, and plastic items, grew due to the recovery in overseas markets. Imports, as an indicator of the domestic economy's recovery, stayed steady, data from General Customs showed on Monday.

Here are some takeaways from the release:

• Exports surged 21.1% y/y to $268.07 billion in November, much faster than last month's 11.4% y/y increase, marking the sixth consecutive monthly rise and the quickest growth since February 2018. Exports increased 2.5% y/y over the first 11 months of the year, compared with the previous 0.5% y/y gain.
• Exports to ASEAN countries rose 5.8% y/y, those to the EU and the US rose 5.7% each y/y in the first 11 months, while those to Japan fell 1.2% y/y.
• Imports rose 4.5% y/y to $192.65 billion in November, slightly down from last month's 4.7% increase. Imports have fallen 1.6% y/y so far this year, narrowing from the 2.3% y/y in the Jan-Oct period.
• Jan-Nov imports from all big partners edged up - imports from the U.S. grew 6.1% y/y, from ASEAN countries by 5.2% y/y, from Japan by 1.5% y/y and from EU by 0.2% y/y.
• The trade surplus expanded to $75.4 billion in November from $58.4 billion posted in October, bringing the total balance to $459.2 billion for the Jan-Nov period.