China exports jumped in November as import gains signal strength

RPT-China's Nov yuan-denominated exports up 10.3 pct y/y, imports up 15.6 pct

China's exports grew for a ninth straight month in November and at a faster pace, as external demand for goods from the world's second-largest economy remained solid, while growth in its demand for imports remained in double digits.

Arrivals of unwrought copper, which includes anode, refined, and semi-finished copper products stood at 470,000 tonnes last month, the General Administration of Customs said Friday, the highest level since December 2016.

That is up 42.3 percent from 330,000 tonnes in October and up 23.7 percent from 380,000 tonnes in November 2016.

Yuan-denominated imports rose 15.6 percent year-on-year in November, which produced a trade surplus of 263.6 billion yuan.

Iron ore imports also lifted, jumping to 94.54 million tonnes from 79.49 million tonnes in October. "Coal traders are seeking cheaper fuel from overseas markets as miners in China have been ordered to cut capacity to tackle environmental and safety inspections", said Zhang Min, analyst at Sublime Info.

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"Major exchange stock levels are still low and demand keeps growing".

Steel exports rose from the previous month to 5.35 million tonnes in November, data showed.

"While we still expect China's domestic economy to cool in 2018 on gradually tighter financial policies, the November import data shows that there are upside risks to our China outlook", said Louis Kuijs, head of Asia Economics at Oxford Economics in Hong Kong.

China's aluminium exports had been in freefall since hitting 460,000 tonnes in May and June as punitives duties imposed by Washington on aluminium foil made shipments to the key US market unviable.

According to China's General Administration of Customs, imports grew by 17.7% in USA dollar terms, above the 17.2% increase of October and forecasts for a smaller gain of 11.3%.

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