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China reports record high trade surplus in November

by ChemOrbis Editorial Team -
  • 08/12/2014 (15:14)
According to data released by the General Administration of Customs of China on December 8, China’s monthly trade surplus reached a record high in November due to an unexpected fall in the country’s imports. The country’s exports grew by 4.7% to reach $211.66 billion in November while imports declined 6.7% to $157.19 billion. The monthly trade surplus surged 61.4% to a record high of $54.47 billion in November, exceeding the previous record of $49.8 billion set in August.

In the first 11 months of the year, China’s total trade with the EU increased 8.9% to reach 3.43 trillion yuan ($556 billion), while trade with the United States rose 5.2% to 3.09 trillion yuan ($501 billion). The country’s trade with Japan declined 0.7% to 1.75 trillion yuan ($284 billion) while its trade with ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) was up 7.1% to reach 2.66 trillion yuan ($431 billion) in November.

In the third quarter of this year, the country’s gross domestic product (GDP) rose 7.3% and the government forecasts that the economy will grow by 7.5% this year. However, analysts stated that China’s economic growth may fall below the government’s target due to weaker domestic and external demand.
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