Growth in imports sign of accelerated expansion of Chinese economy

11 Dec '21

2 min read

Pic: Filmfoto | Dreamstime.com

China's industrial and supply chains will help withstand growing downward pressure and sustain upward export momentum in coming months, according to experts, who said the robust growth in imports indicated signs of accelerated expansion of the Chinese economy. Imports grew by around 22 per cent year on year (YoY) to 15.81 trillion yuan between January and November.

In November alone, exports grew by 16.6 per cent YoY to 2.09 trillion yuan, while imports surged by 26 per cent to 1.63 trillion yuan.

On a month-on-month basis, exports and imports grew by 7.6 per cent and 16.6 per cent respectively in November, reversing the 2.1 per cent and 10 per cent month-on-month declines seen in October.

The trade surplus surged more than 20 per cent YoY to 3.77 trillion yuan during the 11-month period, according to data from the general administration of customs (GAC). The country’s foreign trade during the period was worth 35.39 trillion yuan ($5.56 trillion), up by 22 per cent YoY, and more than the 32.16 trillion yuan recorded for the whole of last year.

Exports soared by nearly 22 per cent YoY to 19.58 trillion yuan during the period. The figure was almost 26 per cent higher than that in the same period of 2019, official Chinese media reported.

Fibre2Fashion News Desk (DS)

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