China's trade surplus tops $1 trillion as exports rebound

Exports returned to growth in Nov after an unexpected drop the previous month, rising 5.9% from a year earlier

- Bloomberg

China's exports growth during November far outpaced a 1.9% gain in imports.

(AFP)

China’s annual trade surplus exceeded $1 trillion for the first time despite a deepening plunge in shipments to the US, risking a backlash from markets flooded by goods from the world’s biggest manufacturing nation.

Exports returned to growth in November after an unexpected drop the previous month, rising 5.9% from a year earlier and far outpacing a 1.9% gain in imports, according to data published by China’s General Administration of Customs on Monday. The November surplus came in at $112 billion, the third-largest ever accumulated by China in a single month and far more than forecast by economists.

As China navigated the trade war and growing economic protectionism around the world, the country amassed a surplus of $1.1 trillion, needing just 11 months to catapult it past a full-year record set in 2024. While shipments to the US plummeted 29% in November—the eighth month of double-digit declines and the biggest since August—strong growth in sales to regions like the European Union and Africa more than offset the slump.

The display of export dominance is stirring waves of resentment abroad. French President Emmanuel Macron, who visited China last week, has warned the EU may take “strong measures,” including by imposing tariffs, should Beijing fail to address the imbalance.