Customs data released Monday show China’s annual trade surplus exceeded $1 trillion for the first time. The milestone came despite a sharp fall in exports to the United States, as Beijing found growing demand in other markets. Overall exports in November rose 5.9% year‑over‑year, while shipments to the U.S. plunged nearly 29%. Imports into China increased only modestly last month.
The divergence reflects the impact of U.S. tariffs, imposed under President Trump to discourage Chinese goods. At their peak this spring, import taxes on some items reached about 145%, severely curbing bilateral trade; they have since been trimmed to roughly 47.5%, but still impose a significant drag on shipments to the U.S. In response, Chinese exporters have shifted more sales to Europe, Africa, Latin America and other parts of Asia, helping push the country’s trade balance to a record surplus.