China’s exports of goods exceed imports by almost $1 trln for the first time

China’s merchandise trade surplus topped $1 trillion for the first time this year as exports surged despite US President Donald Trump’s tariff war, the Financial Times reported.

China’s trade surplus in dollar terms was $1.076 trillion in the first 11 months of the year, the country’s customs administration said. The data covers goods but not services.

China’s merchandise trade surplus for the full year of 2024 was just under $1 trillion.

The record surplus came after a de-escalation in trade tensions between Washington and Beijing, which agreed to a year-long truce in October.

China’s widening gap between its exports and imports has drawn criticism from its trading partners, with French President Emmanuel Macron pointing to “intolerable” imbalances during a visit to the country last week.

Data released on Monday showed exports rose 5.9% from a year earlier in November after an unexpected drop in October, the first since Trump’s tariffs were announced.

Imports rose 1.9% in November, leading to a surplus of $112 billion for the month.

The government of Chinese leader Xi Jinping has relied heavily on exports to boost economic activity amid weak domestic demand and a housing slowdown now in its fifth year.

Tags: China, export