China’s November trade data delivered a stronger-than-expected rebound, with exports surging 5.9% yoy to USD 330.35B, sharply reversing October’s -1.1% decline. The improvement marks the strongest performance since early 2024.
However, the headline strength masks continued weakness in China–U.S. trade, where shipments plunged -28.6% yoy, extending a run of eight straight months of double-digit declines. Despite the one-year tariff truce, effective levies remain elevated—averaging 47.5% on Chinese goods entering the U.S. and around 32% on American goods entering China—keeping bilateral flows under heavy pressure.
A clear divergence across regions stood out. Exports to ASEAN partners climbed more than 8% yoy, while shipments to the EU jumped nearly 15% y/y, underlining a rotation in China’s export momentum toward other major markets.
Imports, however, rose a softer-than-expected 1.9% yoy, pointing to still-cautious domestic demand despite policy easing efforts. With exports outpacing imports, China’s trade surplus widened to USD 111.68B in November.
