China’s exports notch $1t record despite US tariffs

Costfoto/NurPhoto via Getty Images

One of the main targets of President Trump’s trade war had other toys to play with in timeout: China’s annual trade surplus surpassed $1 trillion for the first time this year as it ramped up exports of semiconductors and vehicles to pretty much everyone but the US, China’s customs agency announced yesterday. The country hit the milestone last month, making its trade surplus for the first 11 months of the year nearly 10% higher than its 2024 total. In November: China’s total exports climbed 5.9% from the same time last year despite a 29% plunge in US-bound shipments, the eighth straight month of double-digit declines. Other trading partners more than made up for the loss of some money from the US. Chinese exports to the EU grew by 15%—the most they’ve grown in more than three years—and goods shipped to Africa and Southeast Asia climbed by 28% and 8.4%, respectively. Multi-edged sword: China’s export boom is powered by its weak currency, which makes its products more affordable abroad but constrains Chinese consumers’ purchasing power. The country’s economic growth relies heavily on foreign demand, which it’s struggling to change. Meanwhile, threatened by China’s growing export dominance, France is considering imposing tariffs if China doesn’t narrow its French trade surplus.—ML