China trade surplus tops $1tn for first time amid pivot to counter US lull
China's annual trade surplus in goods has surpassed $1Tn for the first time, according to data released by China's General Administration of Customs on Monday. Exports climbed 5.9% Yoy in November, reversing a 1.1% decline the month prior, despite a continued slump in exports to the us, which fell 28.6% to $33.8Bn last month, the data showed.
Beijing and Washington have been locked in a bitter trade war involving hefty tariffs during the second administration of US President Donald Trump, forcing Chinese exporters to Pivot to other markets – although the leaders of the world’s largest economies have remained cautious.
The surge in shipments to non-US markets was driven by manufacturers deepening trade ties with the rest of the world in light of President Trump's prohibitively high tariffs. Monthly data also revealed exports rose 5.9% from a year earlier in dollar terms, sustained by demand from Southeast Asia and Europe, according to official data released on Monday.
The reading improved from October's 1.1% contraction and beat a Reuters survey forecast of 2.5% growth.
China's total Dollar-Denominated imports increased 1.9%, lower than the 4% growth anticipated in the Reuters forecast.