Particle.news
Download on the App Store
5 ARTICLES
·
22h ago

China Notches $1 Trillion Trade Surplus as Exports Pivot From U.S. to Other Markets

The surplus reflects weak domestic demand, with an export pivot drawing European pushback.

Employees work at the production line at an intelligent packaging workshop of Mengniu Dairy, in Suqian, Jiangsu Province of China, on December 2, 2025.
We could be looking at a ‘second China shock’
Cranes unload cargo shipping containers from the Evergreen Line Ever Mast container ship as seen from the Vincent Thomas bridge at the Port of Los Angeles in San Pedro, California, on April 15, 2025.
People ride scooters past the Yantian port in Shenzhen, Guangdong province, China, on October 30, 2025.

Overview

  • Chinese customs data show a record goods surplus for the first 11 months of 2025, with exports to Europe, Southeast Asia and Africa rising 8.9%, 14.6% and 27.2% as shipments to the United States fell 18.3%.
  • Imports grew just 0.2% over the same period, underscoring fragile consumption, a prolonged property downturn, deflationary pressures and high youth unemployment.
  • European leaders warned of countermeasures, with France’s Emmanuel Macron calling the imbalance untenable and the EU business lobby urging Brussels to adopt more offensive trade policies.
  • Economists say part of the export shift likely reflects transshipments through third countries that are hard to measure and complicate U.S. tariff enforcement.
  • Beijing has signaled continued reliance on exports ahead of the Central Economic Work Conference, and analysts see no indication of broad stimulus despite mounting international scrutiny.