Exports in China powered ahead in November, growing 21 percent year-on-year (y/y) in U.S. dollar terms and surging in sequential terms, according to Oxford Economics in its China: Exports surged in November report. It was 11.4 percent y/y in October (figure 1).
While exports may ease in December after the remarkable performance in November, the near-term export outlook remains positive given strong new export orders. A return to global economic growth should underpin China’s export growth in 2021, but the report expects performance to be less impressive than in 2020, relative to global demand.
Shipments of “high-tech” products, which are mainly electronics or electrical-related products, rose particularly strongly at 21.1 percent y/y, up from 4.2 percent y/y in October. Semiconduc
