According to analysts, China's exports rose at the fastest pace in the past three years in November 2020 as the demand for essential goods increased. The country's rapid economic growth has pushed its trade surplus to a record high.
Last month, China's exports surged by 21.1% from a year earlier, soundly beating analysts’ expectations for a 12% increase. Notably, in October 2020, exports grew by 11.4%.
During the reporting period, China's imports gained 4.5%, slower than October's 4.7% growth. In addition, the indicator fell short of analysts' estimates of a 6.1% increase.
In November, China's trade surplus widened to an impressive $75.42 billion, the highest level since records began in 1981. According to data provider Refinitiv, the country's trade balance stood at $58.44 billion in October, while economists predicted $53.5 billion.
