CHINA TRADE SURPLUS HITS RECORD $75B AS NOVEMBER EXPORTS RISE
China’s politically sensitive trade surplus soared to a record $75.4 billion in November as exports surged 21.1% over a year earlier, propelled by American consumer demand, Joe McDonald reported for the Associated Press (AP).
Exports to the US rose 46% despite lingering tariff hikes in a trade war with Washington, customs data showed Monday. Total exports rose to $268 billion, accelerating from October’s 11.4% growth. Imports gained 5% to $192.6 billion, up from the previous month’s 4.7%.
China’s global trade surplus for the first 11 months of 2020 is $460 billion, up 21.4% from this time last year, already one of the highest ever recorded. Chona benefited from its economic reopening in March 2020, before the COVID-19 epidemic zapped industrial economies.
Exports to the United States rose to $51.9 billion while imports of American goods gained 33% to $14.6 billion. The trade surplus with the US swelled 52% over a year earlier to $37.3 billion.