China's trade surplus topped $1 trillion for the first time as manufacturers seeking to avoid President Donald Trump's tariffs shipped more to non-U.S. markets in November, with exports to Europe, Australia and
China's trade surplus topped $1 trillion for the first time as manufacturers seeking to avoid President Donald Trump's tariffs shipped more to non-U.S. markets in November, with exports to Europe, Australia and Southeast Asia surging.
Shipments to the United States dropped by close to one-third from the same month a year before.
"The tariff cuts agreed under the U.S.-China trade truce didn't help to lift shipments to the U.S. last month, but overall export growth rebounded nonetheless," said Zichun Huang, China economist at Capital Economics. "We expect China's exports will remain resilient, with the country continuing to gain global market share next year."
"The role of trade rerouting in offsetting the drag from U.S. tariffs still appears to be increasing," she added.
Chinese exports overall grew 5.9% year-on-year in November, customs data on Monday showed, a reversal from October's 1.1% contraction, and beating a 3.8% forecast in a Reuters poll.
Imports were up 1.9%, compared with a 1.0% uptick in October. Economists had expected a 3.0% increase.
China's trade surplus was $111.68 billion in November, the highest since June and up from $90.07 billion recorded the previous month. That was above a forecast of $100.2 billion.
The trade surplus for
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