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China's imports contract 6.7 percent in November
(MENAFN) Data showed that China's imports contracted in November, while export growth slowed, raising concerns that the economy may face a sharp slowdown, Arab News reported.
The world's second-largest economy's exports rose 4.7 percent on year, while imports dropped 6.7 percent, the biggest drop since March, data released by the General Administration of Customs showed.
The figures were unexpected, as economists had forecasted the country to post a trade surplus of USD54.5 billion, which could increase upward pressure on the yuan even with struggling exports.
"Despite another record surplus, the details paint a grim picture with slower export growth and a contraction in commodity imports in volume terms," an analyst at Commonwealth Bank of Australia in Singapore said.
The world's second-largest economy's exports rose 4.7 percent on year, while imports dropped 6.7 percent, the biggest drop since March, data released by the General Administration of Customs showed.
The figures were unexpected, as economists had forecasted the country to post a trade surplus of USD54.5 billion, which could increase upward pressure on the yuan even with struggling exports.
"Despite another record surplus, the details paint a grim picture with slower export growth and a contraction in commodity imports in volume terms," an analyst at Commonwealth Bank of Australia in Singapore said.
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