China's export growth beats expectations on resilient global demand

Chinese exports grew more than expected in December, customs data showed on Thursday, January 14, as coronavirus disruptions around the world fueled demand for Chinese goods even as a stronger yuan made shipments more expensive for overseas buyers.

Exports rose 18.1% in December from a year earlier, slowing from a 21.1% jump in November but beating expectations for a 15% rise. Imports increased 6.5% year-on-year last month, topping a 5% forecast and picking up pace from November's 4.5% growth. Buoyant exports helped drive an impressive rebound in China's key manufacturing sector last year, with the world's second biggest economy picking up the slack as the pandemic crunched production in many countries. China is expected to be the. Exports rose 3.6% over the full year and imports fell 1.1%.

"We think trade will remain resilient in the near term, but will soften later this year," said Julian Evans-Pritchard, senior China economist at Capital Economics, in a research note.China posted a trade surplus of $78.17 billion in December – the highest reading on Refinitiv records going back to 2007. Analysts in the poll had expected the trade surplus to narrow to $72.35 billion from $75.40 billion in November.

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