8 December 2025 China Economic Comment Exports bounced - a mild positive surprise Exports returned to y/y growth again Exports grew by 5.9% y/y in November, a mild positive surprise compared to the 4.0% growth expected by Bloomberg consensus and a significant improvement versus the 1.1% contraction recorded in October. On a seasonally adjusted basis, we estimate the export level expanded by 2.2% over the month. Export momentum (%3m/3m) also ticked up slightly, after moderating for six months. In real terms, ...