China’s Trade Surplus Tops $1 Trillion as Exports Rebound

Overview

• Official data for the first 11 months show exports up 5.4% year over year and imports down 0.6%, yielding a $1.07 trillion surplus.
• November exports rose 5.9% after October’s 1.1% drop, while dollar-denominated imports increased 1.9% and missed Reuters’ 4% estimate.
• Exports to the United States fell about 28% for an eighth consecutive month despite the leaders’ agreement to extend a tariff truce.
• Demand from Southeast Asia and Europe helped offset the U.S. decline and supported November’s export recovery.
• Economists see near-term resilience, with Nomura projecting roughly 4% export growth in 2026 as rising trade barriers pose risks.