China’s trade surplus tops record US$1 trillion, defying trade war uncertainty
November outbound shipments increased 5.9 per cent, surpassing forecasts – though exports to US extended sharp decline
China has reached a new trade surplus milestone, surpassing last year’s record to hit an all-time high of US$1.076 trillion in the first 11 months of the year – driven by extensive efforts to diversify export markets and supply chains amid uncertainties from US President Donald Trump’s tariff war.
The trade surplus from January to November was higher than the previous full-year record of US$992.2 billion in 2024. Meanwhile, the trade surplus for the first 10 months of this year totalled US$964.8 billion.
Outbound shipments rose 5.9 per cent year on year to US$330.35 billion, customs data showed on Monday. This marked an improvement from October’s 1.1 per cent drop and beat the 3 per cent increase projected by financial data provider Wind.
Imports reached US$218.67 billion in November, rising 1.9 per cent year on year, accelerating from October’s 1 per cent growth but missing Wind’s 2.85 per cent forecast. China posted a trade surplus of US$111.68 billion for the month.
Analysts said the solid exports would contribute to China’s broader economic expansion, while sluggish import growth underscored the weak domestic demand that Beijing still needs to address.
“China’s trade surplus tops US$1 trillion mark as exports rebounded despite tariffs,” said Lynn Song, chief economist for Greater China at Dutch investment bank ING, noting growth of 22.1 per cent over the same period last year.