BEIJING--China's exports rose a disappointing 4.7% in November while imports unexpectedly fell, as the world's second-largest economy grapples with sluggish global activity and weak demand at home.
Analysts said the data the government released on Monday show that the country's crucial export sector--the one segment of the economy that had been showing signs of strength--was struggling during the month.
"This was worse than expected," said Ma Xiaoping, economist at HSBC. "We can see there is considerable downward pressure on the economy."
China's economy has been showing slower growth after years of double-digit expansion. Growth slipped to 7.3% year-over-year in the third quarter, its slowest pace in more than five years. Full-year growth could fail to reach the government target of about 7.5% for the year.
November exports were below market expectations of an 8% gain compared with a year earlier and much less robust than the 11.6% increase in October. Meanwhile, imports sank 6.7% against expectations for a 3% rise, after a 4.6% year-over-year rise in October.
Analysts said a rebound in the yuan's value against other currencies could have been a factor.
CIMB economist Fan Zhang said the weak export growth also reflects a strong month in the year-earlier period, while the drop in imports includes the impact of a sharp decline in global commodities prices, particularly oil.
"In 2015, I still expect exports to improve over 2014 because of U.S. economic growth," Mr. Zhang said.
China's central bank in late November cut benchmark interest rates for the first time in more than two years in a bid to give the economy a boost and cut borrowing costs for struggling companies. It has also injected liquidity into the banking system and encouraged banks to lend to struggling small businesses and the agricultural sector.
Policy makers are expected to gather in Beijing this week to map out economic goals for the coming year, and they may set a lower growth target of 7%.
On the domestic front, the key official gauge of factory activity slipped in November while a private measure by HSBC fell to a six-month low.
Those disappointing figures came on top of weak data for October for industrial production, fixed asset investment and retail sales. Industrial profit in October--the most recent month for available data--fell 2.1% from a year earlier.
There was one bright spot in November's trade data, however. Weak imports and the slight rise in exports left a record trade surplus of $54.47 billion in November, compared with a surplus of $45.4 billion in October.
Grace Zhu, Richard Silk and William Kazer
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