China’s yearly trade surplus crossed the one trillion USD mark for the first time ever in November, as per customs data released on Monday, December 8. The figure is seen as a sign of Chinese resilience in the face of the tariff war waged by the US.

As per the official data, Chinese exports registered a growth in November, reversing the 1.1% contraction the previous month due to its rising demands in various regions outside the US.

Chinese exports climbed 5.9% in November in comparison to the same month last year while imports grew by 1.9%. China exported goods and services worth over 330 billion US dollars in the month. The total value of imports in the same month stood at nearly 219 billion US dollars, generating a surplus of over 111 billion.

In the first 11 months of 2025, China registered a total trade of over USD 5.71 trillion, up 3.6% year on year with the November figures, taking China’s total trade surplus to USD 1.08 trillion for the first time ever.

Last year China had a total trade surplus of USD 992 billion.

Defying the impact of US tariffs

The figures are more impressive because of the fact that China’s exports to the US dropped 29% year on year in November, despite a temporary tariff truce announced in late October by the two countries.

November’s figures are higher than October’s, when Chinese exports to the US declined by roughly 25%.

In 2024, the bilateral trade in goods and services between the US and China was above 700 billion US dollars. China exported over 500 billion dollars of goods to the US, importing over 160 billion dollars worth of goods in return.

The trade between the two countries was negatively impacted due to the announcement of Trump’s so-called reciprocal tariff policy in April. Though both the countries have negotiated and announced truces on multiple occasions since then, the latest being in October, that has not stopped the decline in their mutual trade volume.

Chinese exports to the US have been rapidly declining every month since May, causing a nearly 19% fall in total Chinese exports to the US this year so far.

This is despite the fact that China registered nearly a 26.5% growth in rare earths in November, one of the central issues which renewed the trade war between the US and China in October.

According to Chatham House, the average tariff on Chinese exports to the US has come down from 145% in April to 47.5%, a high penalty nevertheless for Chinese exporters.

Diversification in export destinations and the nature of goods

The major reason for growth in Chinese exports in November is China diversifying its external trade by exporting more to countries in the neighborhood, as well as to countries in Africa, Latin America and even in Europe.

In November, Chinese exports to Europe and Australia grew by nearly 15% and 36% year on year. Exports to ASEAN, which is already China’s largest trading partner as a group, also witnessed a substantial jump.

Given the share of China’s overall exports to the US, it is estimated that tariff wars will negatively impact its overall growth rate. Despite this fact, the Chinese share in global trade is estimated to go up from 15% to 16.5% by 2030.

Nevertheless, the Communist Party of China (CPC) wants to reduce the Chinese’ economy’s overall dependence on exports through a boost in domestic consumption and focus on the production of high-end goods and services.

One of the early signs of China’s focus on the production of high-end goods is the rising export of high technology goods. China registered year on year growth in exports of semiconductors and ships which grew nearly 25% and 27% respectively in the first 11 months of 2025.

Read More: China pushes for modernization in Africa through a joint initiative

The Polit Bureau of the CPC met on Monday to discuss key economic objectives for the next year before the launch of the 15th five-year plan. After the meeting it announced it is planning “to expand domestic demands, improve supply, develop new quality productive forces in light of local conditions,” Xinhua reported.

The meeting also stated the focus of the economic activities in the coming days must be on integrated urban-urban development, regional synergy, and comprehensive green transformation with prioritization of improving people’s livelihoods.

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