China's trade surplus tops $1 trillion for the first time-even with Trump's tariffs

"China's exports rebounded in November after an unexpected contraction the previous month, pushing its trade surplus past $1 trillion for the first time, according to data released Monday. Exports climbed 5.9% from a year earlier in November while imports rose just under 2%. The customs data released on Monday also showed that shipments to the U.S. dropped nearly 29% year-on-year. But as trade with the U.S. weakens, China is diversifying its export markets throughout Southeast Asia, Africa, Europe, and Latin America."

"The nearly $1.08 trillion trade surplus for the first 11 months of this year is a record high, surpassing the $992 billion surplus for all of 2024, based on official data compiled by FactSet. A year-long trade truce between China and the U.S. was reached at a meeting between U.S. President Donald Trump and Chinese leader Xi Jinping in late October in South Korea. The U.S. has lowered its tariffs on China, and China has promised to halt its export controls related to rare earths."

Exports rose 5.9% in November while imports increased just under 2%, reversing an October contraction of just over 1%. November worldwide exports totaled $330.3 billion and imports $218.6 billion. Shipments to the U.S. fell nearly 29% year-on-year as China expanded exports to Southeast Asia, Africa, Europe, and Latin America. The trade surplus reached about $1.08 trillion for the first 11 months, a record surpassing $992 billion for all of 2024. A year-long U.S.-China trade truce led to lower U.S. tariffs and Chinese promises on rare-earth export controls. Factory activity contracted for an eighth month amid cautious demand indicators.

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