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Merchandise Trade (Nov.)

China’s export values rose year-on-year for the first time since May while the level of export volumes hit a fresh high, supported by exporters reducing prices. We doubt this robustness will persist, however, as exporters won’t be able to continue cutting prices for much longer. Import volumes declined after hitting a record high in October, but they are likely to remain strong in the near-term as fiscal support boosts commodity demand.

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