China Exports Rebound Slightly in November but Weak Domestic Demand Persists
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China's exports rose 0.5% in November, the first increase since April, reversing a 6-month decline though the increase may be due to seasonality.
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China's imports unexpectedly dropped 0.6% in November, pointing to weak domestic demand.
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Analysts say the export growth is unlikely to be sustained due to slowing demand from trade partners and unsustainable price cuts by exporters.
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In the first 11 months of 2023, China's exports fell 5.2% while shipments to the EU and US dropped 5.8% and 8.5% respectively.
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Forecasts for China's GDP growth in 2024 have been cut to around 4-4.6% by organizations like the World Bank and Moody's due to issues like property weakness and falling consumer prices.