China trade: surging coal, energy purchases fuelled import boom as export growth slowed

China’s export growth slowed but remained robust in November, while surging coal and energy purchases fuelled surprisingly stronger imports amid a tight domestic power system and the expiring interim trade deal with the United States.

November’s exports grew by 8.4 per cent from the previous month, reversing a 1.8 per cent decline in October.

Imports, meanwhile, rose by 31.7 per cent in November from a year earlier, to US$253.81 billion – up from the 20.6 per cent growth in October, significantly beating expectations for growth of 21.5 per cent.

“Exports and imports beat expectations last month thanks to stronger demand and easing semiconductor shortages. In the near-term, the emergence of the Omicron variant is likely to support demand for China’s exports,” said Julian Evans-Pritchard, senior China economist at Capital Economics.