China’s exports and imports reach all-time highs

Exports and imports in China grew annually by 22 and 32 percent in November when compared to a year earlier, reaching all-time records.

Exports went up to $326 billion while imports rose to $254 billion, Bloomberg reported, citing China's customs administration.

However, exports growth experienced a slowdown during the month, falling from October’s 27.1 percent to 22 percent. This was attributed to a thinning demand and a rise in costs.

In contrast, imports growth picked up pace significantly, rising to 32 percent as the East Asian country replenished its inventories of some commodities such as coal. This is compared to the lower 20 percent growth experienced in the previous month.

Coal imports in the country climbed to the highest level since the start of the year to supply its power system.

The country’s trade surplus hit $71.7 billion in November, down from October’s level of $84.5 billion.

While the country continues to notably recover from the pandemic, it still suffers from a number of problems, including power shortfalls and debt issues in the property sector.