China's imports recorded their biggest decline in 14 months in November

China's exports and imports came in below expectations in November Data from the country's customs authority The dollar showed on Tuesday, raising concerns about the health of China's economy as consumer demand remains sluggish and tariff threats loom.

Import data surprised with a decline of 3.9%, the largest decline since September 2023. Analysts had expected imports to grow by 0.3%.

Exports rose by 6.7% in US dollar terms compared to last year, which is sharply lower than the previous rate. Growth of 12.7% previously month. Analysts in a Reuters poll had expected exports to rise 8.5 percent from a year ago in November.

November's export slowdown does not “represent the end of China's recent export boom,” Zichun Huang, China economist at Capital Economics, said in a note Tuesday, adding that while U.S. tariffs could reduce export volumes by about 3%, “they may… “We won't feel it until the middle of next year.”

Huang added that in the short term, tariff threats “may stimulate exports as US companies increase orders” for Chinese goods.

Meanwhile, import volumes may also rebound in the short term, as accelerating fiscal spending boosts demand for industrial goods, Huang said.

China Exports to all its major trading partners – The United States, the European Union and the Association of Southeast Asian Nations – all rose in November compared to the previous year.

Exports to ASEAN countries increased further, rising by about 15%, according to a CNBC analysis of official data. Imports from Its largest trading partner is ASEAN Decreased 3%.

China's exports to the United States increased by 8% year on year while imports decreased by more than 11%. The country's exports to the European Union jumped by 7.2%, while imports shrank by 6.5% compared to last year.

China's exports to Russia fell by 2.5% while imports fell by 6.5%.

China's export volume of rare earths rose nearly 5% from a year ago in November, with 4,416 metric tons of minerals used in products ranging from electric vehicles to consumer electronics shipped. Cumulative exports in the months through November of this year rose by 6.6% compared to last year.

The country's imports of rare earths fell by more than 20% compared to the previous year, reaching 11,327 tons.

The country announced a new policy In July to intensify its supervision of Local rare earth industry regarding national security concerns.

China's steel exports last month rose 16% from a year ago to 9.28 million tons. The country's steel exports have increased this year and are still continuing It is expected to exceed 100 million metric tonsmatching levels last seen in 2016.

Since the beginning of the year, exports in US dollars have increased by 5.4% to $3.24 trillion, while imports have increased by 1.2% to $2.36 trillion compared to last year, according to bank data. Customs data was released on Tuesday.

November trade data came a day later China's top leadership pledged He called for intensifying monetary and fiscal policy stimulus to boost growth next year, and promised to make “unconventional counter-cyclical adjustments” to boost domestic consumer demand.

Export growth could rebound further into early 2025, as US importers continue to “front-load” Chinese purchases, said Erica Tai, director of macro research at Maybank, while she noted there could be a “dip in the second half.” Next year, with the imposition of US tariffs.

Manufacturing activity in the country Expanded for the second month in a row In November, with the official PMI rising to 50.3, Beijing's current stimulus measures helped lift certain aspects of the faltering economy.

However, domestic demand remained weak. Consumer inflation fell in China to a five-month low in NovemberOfficial data on Monday showed an increase of 0.2% over the previous year.