China exports rose in November at the fastest pace in nearly three years, official figures showed Monday, as increased demand in major markets ahead of the holidays contributed to a record trade surplus.
The numbers are a new batch of good news in the world’s second-largest economy, which is witnessing a recovery after lockdown measures to curb the new Coronavirus, which led to a contraction that was less than its counterpart earlier in the year.
Shipments abroad rose 21.1 percent year-on-year last month to 268 billion euros, supported by strong demand for medical goods and electronics.
The numbers, which are the best since February 2018, exceeded the 12 percent forecast by Bloomberg analysts and was much better than the 11.4 percent recorded in October. The data represented growth for the sixth consecutive month.
However, exports rose 4.5 percent, less than expectations by 7 percent, and slightly less than the previous month.
In the first 11 months of the year, customs data showed that textile exports, including masks, rose by 33 percent, as governments around the world imposed measures to contain the virus.
The data also showed that China’s surplus with the rest of the world amounted to $ 75.41 billion in November, compared to $ 58.44 billion in October, the largest since 1990, according to Bloomberg News.
In November, China’s surplus with the United States, a major point of contention in the trade war between them, rose to 52 percent, to $ 37.4 billion.