Overview
- Chinese exports rose 5.9% year over year in November as imports grew 1.9%, producing a monthly surplus of about $111.7–112 billion, according to customs data.
- The year-to-date trade surplus surpassed the $1 trillion mark for the first time, reaching roughly $1.08 trillion through November.
- Exports to the United States fell about 29% from a year earlier in November, marking an eighth consecutive month of double‑digit declines despite a late‑October tariff détente.
- Sales to other markets accelerated, with exports to the EU up roughly 15%, to Africa up about 28%, and to ASEAN up 8.4%, as some firms shifted final assembly to ASEAN to access the U.S. market.
- Xi Jinping chaired a Politburo meeting that outlined 2026 plans for more active fiscal support and a moderately accommodative monetary stance, with U.S. tariffs on Chinese goods still near 47.5% per cited estimates.