China’s exports rose in November at the fastest pace in three years, and increased demand in major markets ahead of the holidays helped it achieve a record trade surplus, as sea freight exports grew by 21.1 percent year on year last month to reach $268 billion thanks to The huge demand for medical supplies and electronics, well above Bloomberg expectations, whose analysts mentioned a growth rate of approximately 12% for the month of November and 11.4% for October.
While China achieved the best exports since February 2018, and thus recorded the sixth month of export growth in a row. Specifically, exports of household electrical appliances increased by 61.9% year on year, while exports of medical equipment, including respirators, increased by 38.4%, The growth came mainly from outbound shipments to the United States and Europe.
Shipments of medical protective equipment also witnessed significant growth as countries around the world continued to try to treat people infected with the Corona virus, and for the increasing growth in shipments of electronic devices, it is due to the need to work from home, and in addition, customs statistics in the first 11 months of this year showed an increase in exports Fabrics and textiles, including masks, increased by 33% as governments continue to impose the necessary measures to contain the spread of the virus.
In another context, Chinese exports expanded by 4.5%, much less than the expected 7% and slightly worse than last month, but statistics showed that the Chinese trade surplus exceeded the rest of the world to reach 75.42 billion dollars in November, after it was 58.44 billion in October, the highest record since 1990.
China’s trade surplus with the United States rose 52% to $37.4 billion, knowing that it is a key sticking point in their deadly trade war, and in general, economic analysts have warned that the many purchases associated with the spread of the virus will not be repeated and the release of the vaccine will lead the world to shift from buying goods to consuming services.