China's exports are making a comeback after a jarring slump threw millions out of work, a sign of improving global demand that along with a torrent of stimulus money is accelerating recovery in the world's No. 3 economy.

The trade figures for November were the best in a year with exports falling just 1.2 percent from the same month of 2008. Retail sales, factory output and investment also saw robust growth last month. The figures released Friday did show a return to inflation, though only at the modest level of 0.6 percent, after nine months of falling prices.

Asian markets rallied as investors were heartened by the signs of rising global demand that could lift other trade-reliant economies in the region as consumers in the U.S. and elsewhere begin spending more after months of holding back.

The Chinese trade report helped boost U.S. stocks, which also got a lift from a report that U.S. retail sales rose 1.3 percent in November, more than double the 0.6 percent increase economists had expected. Sales rose 1.1 percent in October.

The retail sales report heightened hopes that consumers are starting to feel more comfortable opening up their wallets after months of building up their savings. A recovery in consumer spending, a major component of U.S. economic activity, is seen as one of the key elements to sustained economic growth.

"We're going from the first global recession in 70 years to a tepid, but very real global growth story," said Stephen Wood, chief market strategist at Russell Investments.

A sustained improvement in Chinese exports could add to pressure from the U.S., Europe and other trading partners for Beijing to let China's currency, the yuan, rise. But Chinese officials have repeatedly shown they're in no hurry to alter the policy of a stable currency _ in effect keeping the yuan weak to boost the competitiveness of China's exports.

The 1.2 percent fall in exports was the smallest decline since they collapsed in November 2008 _ an upheaval that forced thousands of factories in China's southern manufacturing heartland to close and cost millions of jobs.

Imports jumped, rising 26.7 percent over the same month last year and narrowing the trade surplus to $19.9 billion in November from $24 billion in October, customs data showed.

Exports had fallen 13.8 percent in October and by much more in previous months.

"The decline in exports narrowed greatly in November because external demand is improving," said Sheng Laiyun, spokesman of the National Statistics Bureau, who briefed reporters in Beijing.