China: Larger than expected November trade surplus - BBH

Analysts at BBH note that China reported a larger than expected November trade surplus bolstered by a surge in exports.  

Key Quotes

“The $40.2 bln trade surplus is the largest in three months and is about $5 bln more than expected.  The average monthly surplus this year through October had been $33.6 bln.  Last year's monthly average was $42.5 bln.”  

“Exports rose 12.3% year-over-year, up from 6.8% in October, and defying expectations for a decline.  Imports rose 17.7% year-over-year, up from 17.2% in October.  Economists had expected imports to have slowed.  China recently announced some tariff reductions.  China's commodity imports surged, with natural gas and copper jumping to record levels.  Crude oil imports are up 12% through November this year.”