Overview
- Customs data show exports rose 5.9% year on year in November, beating forecasts, as imports increased 1.9% and the monthly trade surplus reached $111.68 billion.
- Shipments to the United States fell roughly 28.6% to 29% from a year earlier despite the late‑October tariff truce, with average U.S. levies on Chinese goods still near 47.5%.
- Stronger sales to non‑U.S. markets, including a 14.8% rise to the European Union and gains to Africa and Southeast Asia, helped offset the U.S. decline.
- Economists warn the rebound may be short‑lived due to base effects and earlier front‑loading, while official surveys show manufacturing remained in contraction for an eighth month.
- The trade surplus totaled about $1.08 trillion for the first 11 months, drawing fresh European scrutiny, as Beijing prepares year‑end policy meetings expected to focus on bolstering domestic demand.