China's Nov exports up 2.9%, imports unchanged

BEIJING -- The growth of China's exports and imports slowed in November from one year earlier, causing the country's monthly trade surplus to contract to $19.63 billion, customs data showed Monday.

Exports rose 2.9 percent from a year earlier in November, below market expectations for a 9-percent increase and October's 11.6-percent growth.

Imports were flat compared with November 2011 and weaker than the 2.4-percent rise seen in October, the General Administration of Customs said.

Li Jian, a foreign trade expert from the Ministry of Commerce's research institute, said the decrease was caused by a higher comparative base from last year, as last November saw the largest monthly import volume and the third-largest export volume in 2011.

The foreign trade surplus narrowed to $19.63 billion last month from $31.99 billion in October and $27.67 billion in September.

In the first 11 months, China's foreign trade increased 5.8 percent year-on-year.

China has targeted growth of 10 percent for total foreign trade this year, a figure that officials have conceded will be hard to achieve.

On the sidelines of the 18th National Congress of the Communist Party of China, Commerce Minister Chen Deming warned of lingering pressure on the country's foreign trade from weak global demand, rising domestic costs and growing trade protectionism.

Li said full-year foreign trade will likely expand by 6 to 7 percent from last year.

China's trade with the EU, the nation's largest trading partner, fell 4.1 percent year-on-year during the January-November period, while that with the United States, the country's second-largest partner, climbed 8.2 percent from a year ago.

Trade with Japan shrank 2.9 percent compared with the same period last year, customs data showed.

The trade data came after government figures on Sunday showed a revival in the world's second-largest economy.

Figures showed that the country's industrial output has continued to pick up and consumer inflation has remained low, while retail sales have maintained strong growth.

The economy expanded 7.4 percent in the third quarter of the year, slowing for seven straight quarters.

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China Economy by Numbers - Nov