Overview
- Official customs data show a November surplus of about $112 billion, with exports up 5.9% year over year and imports up 1.9%, lifting the 11‑month surplus to roughly $1.08 trillion.
- Shipments to the United States fell 28.6% in November despite the late‑October truce, with average U.S. tariffs on Chinese goods still near 47% and China’s near 32%.
- China redirected sales to other markets, with November exports rising nearly 15% to the European Union, about 28% to Africa, and 8.4% to ASEAN, partly aided by final assembly moved to Southeast Asia.
- Year to date, exports rose about 5.4% while imports edged up roughly 0.6%, reflecting weak domestic demand even as a competitive currency helped support external sales.
- Beijing’s Politburo signaled more active fiscal support and moderately accommodative monetary policy for 2026, as European leaders, including Emmanuel Macron, threaten tariffs if imbalances persist.