China's Exports Soar 21.1 Percent in November

Published December 7th, 2020 - 10:00 GMT
China's Exports Soar 21.1 Percent in November
Chinese factories are humming along as Beijing has managed to largely contain the virus outbreak, which is still ravaging other parts of the world. (Shutterstock)

China's exports grew 21.1 percent year-on-year in November while imports rose 4.5 percent, as the Asian economy has largely recovered after the coronavirus crisis, customs data showed on Monday.

Altogether, China's foreign trade rose 13.6 percent in November, with the trade surplus jumping 102.9 percent, to 75.4 billion dollars, according to Deutsche press agency (dpa).

Chinese factories are humming along as Beijing has managed to largely contain the virus outbreak, which is still ravaging other parts of the world.

After reopening for business in March, Chinese manufacturers have benefitted from loans to help cope with the pandemic. China is also exporting a lot of the masks and medical equipment needed around the world, as well as consumer electronics sought by families who are isolating in their homes.

In the first 11 months of the year, China's exports rose 2.5 percent, while imports dropped 1.6 percent.

Similarly, the gross domestic product (GDP) has recovered in the subsequent months after a historic drop of 6.8 percent in the first quarter of the year, when parts of China were under lockdown due to the virus.

The economy grew 4.9 percent in the third quarter and 3.2 percent in the second quarter of the year.

The country's leadership is ironing out a new five-year economic plan, to be approved in March, which is set to focus on economic self-reliance, technological innovation and a cleaner environment.


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