China's November trade weakened by global economy

China reported weaker-than-expected November trade data Monday, indicating external demand for Chinese goods remains subdued, The Wall Street Journal reported. Exports increased 2.9% year-on-year in November, much lower than growth of 11.6% in October and economists’ forecast of 9.6%. Imports remained largely unchanged from a year ago, compared with a forecasted increase of 1.9%. The overall trade surplus slumped to US$19.6 billion in the month from US$32 billion in October. “Looking ahead, China may have to rely more on investment to stimulate the economy if the U.S. situation worsens,” said HSBC economist Ma Xiaoping. Exports to the US have performed well so far this year but declined 2.5% year-on-year in November, likely as a result of a worker strike at California ports, according to Bank of America-Merrill Lynch economist Lu Ting. Exports to the EU decreased 18% as the region’s economy continued to suffer.