China Trade Surplus Slightly Narrows in November


China trade surplus was at USD54.10 billion in November of 2015 from a USD54.47 billion surplus reported a year earlier and below market consensus, as imports fell more than exports.

In November, exports declined by 6.8 percent year-on-year to USD197.24 billion, the fiftth straight month of fall. Imports dropped 8.7 percent year-on-year to USD143.14 billion, following a 18.8 percent decline in October. It is the 13th straight month of contraction, as a result of declining commodity prices and weak demand. In the previous month, the country registered a USD61.64 billion trade surplus, the highest in the record.

Considering the first eleven months of 2015, exports  dropped by 3.0 percent, driven by rice (-23.2 percent), coal & ignite (-29.1 percent); coke & semi coke (-11.1 percent); refined oil (-27.2 percent); clothing accessories (-7.7 percent); footwear (-5.4 percent); precious metals (-65.3 percent); steel (-9.4 percent); automatic data processing equipments (-15.8 percent) and LCD panel (-4.3 percent). In contrast, outbond shipments increased for: crude (+419.2 percent); mineral fertilizer (+25.4 percent); ceramic products (+21.5 percent); unwrought aliminium and aluminium (+11.8 percent); handheld wireless phone & its parts (+11.7 percent); IC (+9.2 percent); shipping (+12.6 percent); furniture & parts (+2.0 percent) and lamps, lighting fixtures and parts (+14.9 percent).

Sales declined to: Hong Kong (-11.2 percent), Japan (-9.6 percent), the US (-4.1 percent), the EU countries (-4.6 percent), Taiwan (-3.2 percent) and Russia (-36.0 percent). In contrast, outbond shipments rose to: India (+7.6  percent), South Korea (+1.1 percent), the ASEAN countries (+3.0 percent), Australia (+2.6 percent) and New Zealand (+4.0 percent).

Imports also fell by 15.1 percent, as purchases from all of the country's trading partners declined except Vietnam and Canada. Those from the US decreased by 6.5 percent, India (-19.1 percent), Hong Kong (-6.2 percent), Japan (-12.5 percent), South Korea (-8.7 percent), Taiwan (-5.8 percent), the ASEAN countries (-10.4 percent), the EU countries (-14.1 percent), Rusia (-20.6 percent), South Africa (-33.7 percent), Australia (-25.1 percent) and New Zealand (-31.9 percent). In contrast, imports rose from Vietnam  (+20.5 percent) and Canada (+4.8 percent).

General Administration of Customs l Rida Husna | rida@tradingeconomics.com
12/8/2015 9:43:37 AM