China’s trade surplus crossed the $1 trillion mark for the first time after its exports rebounded strongly in November, despite weakening shipments to the US
Beijing: China’s exports returned to growth in November, pushing its trade surplus for 2025 past $1 trillion for the first time, according to new customs data released on Monday. Exports rose 5.9 per cent year-on-year after a surprise contraction in October, while imports increased by just under 2 per cent.
The data showed a sharp fall in shipments to the United States, which dropped nearly 29 per cent compared with last year. To counter weakening US demand, China has been expanding its export markets across Southeast Asia, Africa, Europe and Latin America.
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Exports totalled $330.3 billion in November, exceeding economists’ forecasts, while imports reached $218.6 billion. The surplus for the first eleven months of the year stood at nearly $1.08 trillion, surpassing the full-year 2024 figure of $992 billion.
The rebound comes after China and the United States agreed to a temporary trade truce following a meeting between US President Donald Trump and Chinese President Xi Jinping in South Korea in late October. The US has lowered certain tariffs on Chinese goods, while China has pledged to suspend export controls on rare earths. Economists say the full effect of the tariff cuts is expected to show up in the coming months.
Despite the improvement in exports, China’s factory activity contracted for the eighth consecutive month in November. Analysts caution that it remains too early to judge whether external demand is experiencing a sustained recovery following the truce.
Even so, China is broadly expected to achieve its annual growth target of around 5 per cent. Chinese leaders have signalled a greater emphasis on advanced manufacturing and domestic consumption over the next five years. A Politburo meeting held on Monday, chaired by Xi, discussed the 2026 economic agenda and reiterated the need to “pursue progress while ensuring stability,” according to state media.
Economists say China’s long-term strategy will continue to focus on diversifying export markets to manage geopolitical and economic risks. Financial firms, including Morgan Stanley, predict that China will keep expanding its share of global exports, reaching an estimated 16.5 per cent by 2030, driven by its strength in sectors such as electric vehicles, robotics and battery technology.
China’s upcoming Central Economic Work Conference later this month is expected to provide further detail on priorities for the next year, with businesses and investors closely monitoring signals on trade, manufacturing and consumption.
(With AFP inputs)
Published: 08 Dec 2025, 07:04 pm IST
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