The dollar value of China’s exports and imports grew in November after two months of contraction¹ and in the face of a rally by the greenback that followed last month’s US presidential election.

11月份以美元计算的中国出口和进口额都增加了，此前它们经历了两个月的收缩，而且这一增长是在上月美国总统选举后美元升值背景下实现的。

Imports grew 6.7 per cent year-on-year to $152.2bn after falling 1.4 per cent the previous month, according to China’s General Administration of Customs, defying a median forecast predicting contraction would worsen to 1.9 per cent.

根据中国海关总署(General Administration of Customs)的数据，在经历了此前一个月的同比下跌1.4%之后，11月份中国的进口同比增长6.7%，至1522亿美元，远高于同比收缩1.9%的预测中值。

That growth in the value of inbound shipments came despite a strengthening dollar that drove up costs for importers. Import growth valued in local currency terms reflected that relative weakness with a rise of 13 per cent in November.

进口价值的增长是在强势美元推高进口商成本的情况下实现的。11月份以人民币计算的进口增长幅度则为同比增长13%，反映了人民币的相对弱势。

Exports had risen in renminbi terms last month as well, up 5.9 per cent. But when valued in dollars they grew only 0.1 per cent year on year to $196.8bn. Still, that was well above expectations of a 5 per cent fall after contraction had softened² somewhat in October to 7.3 per cent.

11月份以人民币计算的出口也同样上升了，同比上升5.9%。不过，若以美元计算，同比增幅则只有0.1%，达到1968亿美元。不过，这仍然大大超过了下滑5%的预期。在之前的10月份，出口同比跌幅曾为7.3%，跌势有所缓和。

That brought the balance of trade to $49.06bn, down about $4.3bn from November and coming in about $2.3bn lower than forecast.

这让11月份的贸易顺差达到446.1亿美元，比10月份减少约44.5亿美元，低于预期。

Much of the boost in exports came from shipments to the US, which grew for the first time since March at an annualised rate of 6.9 per cent to $36.8bn. Among other destinations that swung back to growth last month was the the EU, shipments to which rose 5.1 per cent to $29.9bn, as did those to Japan, by 3.2 per cent to $12.2bn.

出口的提振在很大程度上源自对美出口，其价值自3月份以来首次出现同比增长，同比增6.9%，至368亿美元。在其他出口目的地中，对欧盟出口同比增长5.1%，至299亿美元，对日本出口同比增长3.2%，至122亿美元。

Exports to both South Korea and Asean countries fell by about 3 per cent, however, while those to re-exporter Hong Kong dropped by more than 16 per cent.

不过，对韩国和东盟(Asean)国家的出口都下滑了约3%，而对香港的转口贸易下滑幅度逾16%。