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China’s trade surplus in goods has surpassed $1tn for the first time, highlighting a boom in the country’s exports despite US President Donald Trump’s tariff war.
In the year to the end of November, China’s trade surplus in dollar terms was $1.076tn, according to data released by China’s customs administration, which covers goods but not services.
The equivalent figure for the full year last year was just shy of $1tn. The record surplus comes in the wake of a de-escalation in trade tensions between Washington and Beijing, which agreed a year-long truce in October.
China’s exports to the US have cratered in recent months but shipments to other regions, especially south-east Asia, have grown rapidly. Economists believe a portion of these shipments to south-east Asia are later trans-shipped to the US.
Exports rose 5.9 per cent in November on a year earlier, while imports added 1.9 per cent, leading to a surplus of $112bn for the month.
This is a developing story.
