China export and import growth slows, surplus narrows | business | Hindustan Times
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China export and import growth slows, surplus narrows

business Updated: Dec 10, 2011 10:47 IST
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Growth in Chinese exports and imports slowed in November, further evidence of the faltering demand abroad and at home that is pushing Beijing towards a more explicit pro-growth policy.

Customs data on Saturday showed exports expanded 13.8% year on year in November, the lowest in nine months , but it was the most sluggish performance since November 2009 when the traditionally volatile month of February is stripped out.

Imports increased 22.1% in the year to November, weaker than a rise of 28.7 %in October, but stronger than September's 20.9%.

Economists in the benchmark Reuters poll forecast annual export growth of 11% in November and a 19% rise in import, with a trade surplus of $14.3 billion.

The surplus turned out to be $14.5 billion, narrowing from October's $17.0 billion and the same level as in September.

The trade data reinforced a slowing trend in the world's No. 2 economy, after key indicators on Friday showed a serious risk of a sharp industrial slowdown -- accompanied by an easing of inflatioanry pressure -- that is prompting Beijing to provide more support for growth and jobs.

The Communist Party's top leaders said in a statement hours after the data deluge on Friday that they would ensure stable and reasonably fast economic growth in 2012, fine-tuning policy in tandum with changes in the global economy.

The central bank surprised the market on November 30 with an earlier-than-expected cut in banks' required reserves, the first such move in three years, signalling a policy shift, although in words, China has so far kept its official line of sticking with a "prudent" monetary policy.