China's trade surplus in US dollar terms widened $38.2 billion in October to $40.21 billion in November, well above the consensus forecast of $6.5 billion. Year-on-year growth in exports accelerated from 6.9 percent in October to 12.3 percent in November, above the consensus forecast of 6.0 percent, while year-on-year growth in imports increased from 17.2 percent to 17.7 percent, again above the consensus forecast of 11.0 percent.
Exports grew in November at their fastest pace since March this year, with this improvement reflecting stronger external demand in key markets. Exports to the United States grew by 14.3 percent on the year after an increase of 8.1 percent in October, while year-on-year growth in Chinese exports to Japan picked up from 5.3 percent to 9.4 percent. Growth in exports to the European Union strengthened from 11.2 percent on the year to 13.2 percent.
In seasonally adjusted terms, Chinese exports advanced 7.4 percent on the month in November after an increase of 1.9 percent in October. Seasonally adjusted imports, meanwhile, fell 5.5 percent on the month, well down from a gain of 11.2 percent previously.
In year-to-date terms, China's trade surplus amounted to $376.0 billion for the first eleven months of 2017, more than 20percent below the $472.1 billion surplus recorded in the same period for 2016. Exports have risen 8.0 percent on the year-to-date, while imports have advanced 17.3 percent
In domestic currency terms, China's trade surplus widened from CNY254.57 billion in October to CNY263.6 billion in November. Exports grew 10.3 percent on the year in yuan terms in November, up from 6.1 percent in October, while year-on-year growth in imports in yuan terms slowed from 15.9 percent to 15.6 percent.