BUSINESS Bloomberg: China's Nov exports up by most since early 2018

BUSINESS

Bloomberg: China's Nov exports up by most since early 2018

China Daily

11:33, December 11, 2020

SAIC Motor's MG-branded electric vehicles await loading at a port in Shanghai. (Photo provided to chinadaily.com.cn)

China's exports jumped in November by the most since early 2018, Bloomberg said in its Dec 7 report titled China's Exports Surge in Year-End Rush as Pandemic Fuels Demand.

Chinese companies shipped $268 billion in goods in November, the most for any single month and more than 21 percent higher than the same month last year, according to Bloomberg.

"The export boom is one of the biggest economic surprises this year regarding China's outlook," with the country benefiting from effective containment of the virus and strong Christmas orders, said Zhou Hao, an economist at Commerzbank AG in Singapore.

Global demand had started recovering before a resurgence in virus cases in some of China's biggest export markets, including the US and Europe -- a development which could further fuel demand for Chinese-made personal protective gear and work-from-home devices, Bloomberg reported.

Leading indicators of trade, such as freight shipping costs and export orders in Chinese purchasing managers surveys have remained strong, suggesting the solid export performance can be sustained into the new year, Bloomberg said.

In addition, auto sales rose for a fifth straight month in China, fueling optimism that demand for electric cars from the likes of Tesla Inc grows, Bloomberg said in its Dec 8 story titled Electric Cars Lead as China Auto Sales Rise for Fifth Month.

Tesla sold 21,604 locally made vehicles in China in November, signaling a record month for Elon Musk's carmaker, Bloomberg said according to the China Passenger Car Association. The US company ranked third in new energy vehicle sales, trailing SAIC-GM Wuling Automobile Co and BYD, which sell less expensive models.

Tesla also said on Oct 20 it is starting Model 3 exports from China to markets including Germany, France and Switzerland.

Retail sales of cars, SUVs and multiple-purpose vehicles gained 7.8 percent from a year earlier to 2.11 million units in November, Bloomberg reported citing CPCA on Tuesday. Wholesale new energy vehicles, including electric cars, more than doubled to 169,000 units.

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