China trade surplus tops estimates as non-US exports surge
By Benjamin Chiou
Date: Monday 08 Dec 2025
(Sharecast News) - China's trade surplus expanded to its highest level in five months in November after exports increased more than expected as trading with non-US partners surged.
In dollar terms, the trade balance came in at $111.68bn last month, up from $97.33bn in October and well ahead of the $100.2bn consensus forecast.
This was the largest trade surplus since June and the second highest since January.
Compared with last November, exports were 5.9% higher at $330.3bn, rebounding strongly after falling 1.1% year-on-year the month before and above the 3.8% increase expected by economists.
Despite the trade deal struck between Beijing and Washington to reduce certain tariffs in November, exports during last month to the US dropped by 28.6% year-on-year.
Meanwhile, shipments of Chinese goods to other key trading partners picked up, with exports growing to Japan (4.3%), Association of Southeast Asian Nations or ASEAN (8.2%), the EU (14.8%) and Australia (35.8%).
At the same time, Chinese imports rose by just 1.9% year-on-year to $218.7bn in November, up from the 1% growth seen in October but below the 2.8% estimate.
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