Blitz Bureau
NEW DELHI: 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 on December 8.
Exports climbed 5.9% from a year earlier in November while imports rose just under 2%.
The customs data 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.
China’s exports had contracted just over 1% in October. November’s worldwide exports of $330.3 billion exceeded economists’ estimates. Imports totaled $218.6 billion for the month.
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.
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.
With exports still going strong, economists generally expect China to meet its target of around 5% annual growth for this year.
A meeting of the ruling Chinese Communist Party’s decision-making Politburo was held on December 8, led by Xi, to discuss economic plans for 2026, according to the Xinhua state news agency. It said Chinese leaders reiterated a focus on “pursuing progress while ensuring stability.”