China's Exports Rebound in November Driven by Chips, Cars(Yicai) Dec. 9 -- China's exports in US dollar terms rose last month after dropping in October, lifted by strong performance in chip and auto shipments and lower base figures a year ago.
Exports from China jumped 5.9 percent to USD330.3 billion in November from a year earlier, according to data released by the General Administration of Customs yesterday. Imports climbed 1.9 percent to USD218.7 billion, while overall foreign trade rose 4.3 percent to USD549 billion.
In comparison, exports fell 1.1 percent in October year on year, imports climbed just 1 percent, and foreign trade dipped 0.3 percent.
China's exports rebounded more than expected last month, mainly due to the lower figures last year, the overall recovery of global trade, and growing chip and auto exports, Feng Lin, executive director of research and development at Golden Credit Rating International, told Yicai.
In November last year, China's exports rose 6.6 percent from a year earlier, but the growth was down from a 12.6 percent year-over-year jump in October, so the comparative base for last month's exports is relatively low, Feng noted.
In addition, after the United States imposed tariffs on the European Union and Southeast Asian countries, including Vietnam, global trade fluctuated violently, significantly declining in October before rebounding in November, she pointed out.
Thanks to the transformation and upgrading of China's manufacturing industry and the global investment boom in artificial intelligence, chip and auto exports sped up last month. Exports of integrated circuits surged 34 percent and of cars 53 percent from a year earlier, up from 27 percent and 34 percent jumps in October, according to customs data.
China's exports to the US plunged 28.6 percent to USD33.8 billion last month from a year ago, widening from a 25.2 percent drop the previous month.
US tariffs on China remain high at around 31 percent despite positive talks between economic and trade representatives in Kuala Lumpur at the end of October and the US agreeing to cancel the 10 percent "fentanyl tariff" on Chinese goods. Due to this, China's exports have been shifting to non-US markets.
Exports from China to the EU jumped 14.8 percent last month from a year ago, while those to Japan climbed 4.3 percent and to South Korea 1.9 percent. In comparison, the figures increased 0.9 percent, and dropped 5.7 percent and 13.1 percent, respectively, in October from a year earlier.
China's exports to members of the Association of Southeast Asian Nations rose 8.2 percent to USD58.1 billion in November, down from 11 percent in October, likely affected by the decline in entrepot trade after the US raised tariffs on ASEAN countries, according to Feng.
China's foreign trade climbed 2.9 percent to USD5.7 trillion in the 11 months ended Nov. 30 from a year earlier, with exports rising 5.4 percent to USD3.4 trillion and imports falling 0.6 percent to US2.3 trillion, customs data showed.
Editors: Dou Shicong, Martin Kadiev