Summary
China's trade surplus in goods has exceeded $1 trillion for the first time, driven by increased exports to markets outside of the United States. Despite a drop in exports to the U.S. due to a trade war, China boosted shipments to other regions, helping to strengthen its overall export performance.
Key Facts
- China's trade surplus hit $1.08 trillion in November 2023.
- Exports grew 5.9% year-on-year in November, reversing a prior decline.
- Exports to the U.S. fell 28.6% to $33.8 billion last month.
- China and the U.S. are engaged in a trade war involving tariffs under President Trump.
- Exports to the European Union and Southeast Asia saw significant increases.
- China has focused on other markets due to reduced exports to the U.S.
- President Macron of France expressed concerns over China's trade surplus.
- China's domestic economy faces challenges like a property sector debt crisis.
