China’s Trade Surplus Tops $1T as Its Exports Surge

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 new data released, Chan Ho-Him reported for the Associated Press (AP).

The nearly $1.08 trillion trade surplus for the first 11 months of the year marks a record high

Exports climbed 5.9% from a year earlier in November, while imports rose just under 2%. Customs data released Monday also showed that shipments to the U.S. dropped nearly 29% year-on-year.

However, as trade with the U.S. weakens, China is diversifying its export markets throughout Southeast Asia, Africa, Europe, and Latin America.

China’s exports contracted just over 1% in October. November’s worldwide exports of $330.3 billion exceeded economists’ expectations. Imports totaled $218.6 billion for the month.

The nearly $1.08 trillion trade surplus for the first 11 months of the year marks a record high, surpassing the $992 billion surplus for all of 2024, based on official data compiled by FactSet.

“It’s likely that November exports have yet to fully reflect the tariff cut, which should feed through in the coming months,” ING Bank chief economist for Greater China Lynn Song wrote in a report.