Overview
- November exports rose 5.9% year on year to about $330.3 billion, reversing October’s 1.1% drop, while imports increased 1.9% and the monthly surplus reached $111.68 billion.
- The goods trade surplus for the first 11 months hit roughly $1.08 trillion, surpassing the full-year 2024 total with one month still to report.
- Shipments to the United States fell 28.6% in November to $33.8 billion despite a late‑October tariff truce that analysts say has not yet fully fed through.
- Sales to other markets strengthened, with exports to the European Union up 14.8%, Australia up 35.8% and ASEAN up about 8.2%, as economists flag rerouting and trans‑shipment effects.
- China’s leadership emphasized plans to expand domestic demand at Politburo meetings, as figures including France’s Emmanuel Macron warned the EU could consider tariffs if imbalances persist.