China trade surplus tops $1 trillion for first time while exporting to non-U.S. markets

China's trade surplus topped $1 trillion for the 11 months of the year for the first time, while exporting to non-U.S. markets.

Amid President Trump's tariffs on China, the country increased exports to Europe by 14.8% over the last year, Australia by 35.8%, and Southeast Asia by 8.2%, Reuters reported. Meanwhile, exports to the U.S. dropped by 29% from November 2024.

Overall, Chinese exports grew 5.9% year-on-year in November, according to customs data on Monday, which was a reversal from October's 1.1% contraction.

Also, imports were up 1.9%, compared with a 1% increase in October.

In November, China's trade surplus was $111.68 billion, the highest since June and up from $90.07 billion recorded in October.

U.S. tariffs on Chinese goods are at an average of 47.5%, even after Trump and Chinese President Xi Jinping met in South Korea in October and agreed to scale back some of their tariffs.