China’s trade surplus tops $1 trillion 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 data released Monday. Exports climbed 5.9% from a year earlier in November while imports rose just under 2%.

The customs data released on Monday also showed that shipments to the U.S. dropped nearly 29% year-on-year. But as trade with the U.S. weakens, China is diversifying its export markets throughout Southeast Asia, Africa, Europe and Latin America.  China’s exports had contracted just over 1% in October. November’s worldwide exports of $330.3 billion exceeded economists’ estimates. Imports totaled $218.6 billion for the month.

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

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