China’s trade surplus reached a record high in November, as imports declined unexpectedly on lower crude oil prices, official data revealed Monday.
The trade surplus rose to a record $54.5 billion from $45.5 billion in October, according to data released by the General Administration of Customs. The surplus was forecast to fall to $43.9 billion in November.
Exports advanced only 4.7% on a yearly basis in November, weaker than the expected 8% growth and slower than October’s 11.6% rise. Meanwhile, imports declined 6.7%, confounding expectations for a 3.8% rise. The annual decrease reversed prior month’s 4.6% increase. Read more here.