(Bloomberg) — China’s exports grew faster than expected in November to hit a record, as external demand surged ahead of the year-end holidays and domestic production rebounded on an easing power crunch. 

According to the customs administration, exports increased by 22% in dollar terms compared to a year before, reaching almost $326billion. Meanwhile, imports saw a 31.7% increase, leaving an overall trade surplus of $71.2billion for the month. According to economists, exports would grow by 20% and imports by 21.5%. 

These data indicate that there is a strong global demand for Chinese products, even though it has not been as strong since the outbreak. If the spread of the new omicron virus variant proves to be serious and other nations start to lock down again, that will likely provide support for China’s exports, especially personal protective gear and work from home devices.

Although exports typically peak around the last week of the year due to the holiday shopping season, the headline rate for growth might be lower if there is a better base. 

China’s economy has come under increasing pressure from a deepening housing market slump, which may continue to be a drag on growth over the next year. Policy makers moved to expand support for the nation’s economy Monday, with the central bank announcing a cut to most banks’ reserve requirement ratio which will release 1.2 trillion yuan ($188 billion) of liquidity. 

Continue reading: China shifts towards ease with property downturn hitting growth

A meeting of the Communist Party’s Politburo on Monday concluded with a signal of an easing in curbs on real estate, and a pledge to stabilize the economy in 2022.

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