China’s exports returned to growth in November following an unexpected contraction the month before, although shipments to the United States dropped nearly 29% from a year earlier in an eighth straight month of double-digit declines.
Overall exports from China were 5.9% higher than last year in November in dollar terms, customs data released on Monday showed, at $330.3 billion, better than economists’ estimates. That was an improvement from a 1.1% contraction in October.
Underscoring a widening gap between overall exports and imports, the customs data showed that China’s trade surplus for the first 11 months surpassed the $1 trillion mark, at nearly $1.08 trillion. That’s a record high for any single year and is more than the $992 billion surplus in all of 2024, based on official data compiled by FactSet.
While exports from China to the US have fallen for most of the year, shipments have surged to other destinations, including Southeast Asia, Africa, Latin America, , Africa and the European Union.
China’s imports increased 1.9% in November, at more than $218.6 billion, better than October’s 1% growth, even though a persistent downturn in the property sector is still weighing on consumer spending and business investment.
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