China’s exports experience initial rise in 7 months
(MENAFN) In a report released on Thursday, officials announced that Chinese exports experienced their initial rise in seven months during November. This growth comes as the nation continues to grapple with a challenging recovery from the Covid-19 pandemic.
However, it's important to note that this improvement is compared against a low baseline from the previous year, a time when authorities adhered to a zero-Covid policy that significantly impacted output and business activity. Additionally, a surprising decline in imports underscored sluggish consumer activity within the country.
The General Administration of Customs (GAC) stated that overseas shipments increased by 0.5 percent year-on-year, totaling USD291 billion, marking the first uptick since April. This figure notably surpassed analysts' expectations and followed a 6.4 percent decline observed in October.
“The improvement in exports is broadly in line with market expectation,” declared Zhiwei Zhang, leader and head financial expert at Pinpoint Asset Management.
Whereas exports were currently seeing “sequential growth”, he continued that “it is unclear if exports can contribute as a growth pillar into next year”.
“The European and US economies are cooling. China still needs to depend on domestic demand as the main driver for growth in 2024,” he informed a French news outlet in a letter.
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