Overview
- Official data show November exports up 5.9% year over year and imports up 1.9%, with a monthly surplus near $111.7 billion that helped lift the January–November surplus past $1 trillion.
- Shipments to the United States fell 28.6% in November and imports from the U.S. dropped about 19%, while exports to the European Union rose by roughly 14% and to Africa by 27.5%, with sales to ASEAN up 8.2%.
- Exports to Germany increased 15.5% in November as China’s imports from Germany declined 4.2%, underscoring trade reorientation toward Europe.
- Analysts attribute resilience to trade rerouting and strong demand for electronics and certain chips, with Capital Economics and Eurasia Group citing price competitiveness and component shortages.
- Germany’s October exports were flat overall (+0.1% month on month) as sales to the U.S. fell 7.8% and to China 5.8%, even as industrial output rose 1.5% and Berlin pressed Beijing on market access and export controls during Foreign Minister Wadephul’s visit.