China's trade surplus soared to a record $40.1 billion in November, eclipsing the previous record of $35.2 billion in October, as both exports and imports posted surprising declines.
Exports fell 2.2 per cent in November from a year earlier, while imports fell 17.9 per cent, the customs administration said on its website today.
The drop in exports was the largest since April 1999; the decline in imports was the steepest since monthly records kept by bankers began in 1993.
Economists had expected a $32.4 billion surplus based on a 15 per cent rise in exports from a year earlier and a 12 per cent increase in imports. The surplus for the first 11 months was $256.0 billion.
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Reuters