China’s Trade Surplus Tops $1 Trillion After November Export Rebound

Overview

• Official customs data show the goods surplus reached about $1.08 trillion in the first 11 months, surpassing last year’s full‑year record.
• Exports rose 5.9% year over year in November, beating forecasts, as imports grew 1.9% and the monthly surplus reached $111.68 billion.
• Shipments to the United States fell roughly 28–29% in November despite a renewed tariff truce, with average U.S. duties on Chinese goods reported near 47.5%.
• Sales to other destinations strengthened, with exports to the European Union up 14.8%, to ASEAN up 8.2%, and to Australia up 35.8% in November.
• Economists highlight a weaker yuan and aggressive pricing as supports for export resilience, while the IMF conducts its annual review and European leaders warn of potential tariff actions.