China’s exports rebounded in November on strong demand from the EU and the trade surplus hit the $1 trillion mark in the year to November despite falling demand from the US, official data showed on Monday.
Exports grew 5.9 percent year-on-year in November, reversing a 1.1 percent fall in October, the General Administration of Customs said. Shipments were forecast to expand 3.8 percent.
Imports posted an annual growth of 1.9 percent after rising 1 percent in the previous month. However, this was weaker than the expected growth of 2.8 percent.
Consequently, the trade balance showed a surplus of around $111.7 billion in November, above the forecast of $100.2 billion.
Shipments to the US continued its downward trend with exports falling 28.6 percent from a year ago in November. Meanwhile, exports to the EU surged 14.8 percent and that to Japan rose 4.3 percent.
During January to November, overall exports were up 5.4 percent, while imports decreased 0.6 percent. As a result, the trade surplus increased around 22 percent from the last year to $1.08 trillion.
External demand has been an unexpected yet key factor in China’s likely reaching its growth target of “around 5%” in 2025, ING economist Lynn Song said. However, whether this resilience can last into 2026 will likely play a significant role in next year’s outlook, Song noted.
US President Donald Trump and Chinese President Xi Jinping reached a trade truce late October, ending tensions between the two largest economies that started in April.
At the meeting in South Korea, China agreed to eliminate proposed export controls on rare earth elements and also to open China’s market to US soybeans and other farm products. Beijing is working with Washington to crack down on fentanyl flows.
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