China’s goods trade surplus surpassed $1 trillion for the first time in history during the first eleven months of 2025, as exporters successfully redirected shipments away from the United States to faster-growing markets in Europe, Australia, and Southeast Asia.
Customs data released on Monday showed the cumulative surplus reached $1.08 trillion, while November alone posted a surplus of $111.68 billion, the highest since June and well above forecasts of $100.2 billion.
Overall exports rose 5.9% year-on-year in November, reversing a 1.1% contraction in October and beating market expectations.
Shipments to the United States plunged 28.6% to $33.8 billion, reflecting the impact of U.S. tariffs that average 47.5% on Chinese goods.
In contrast, exports to the European Union increased 14.8%, those to Australia jumped 35.8%, and shipments to Southeast Asia grew 8.2%.
Analysts attributed the resilience to trade rerouting, front-loading before new tariff hikes, and improved price competitiveness driven by domestic deflation.
Imports grew only 1.9% in November, below the forecasted 3.0%, underscoring persistently weak domestic demand amid a prolonged property sector crisis.
The widening surplus has drawn fresh criticism from Western partners.
French President Emmanuel Macron warned that Europe could impose tariffs on China if the trade imbalance is not reduced in the coming months.
Economists noted that the export rebound helped mitigate slowing domestic momentum, but stressed that rebalancing toward consumption remains critical for sustainable growth in the world’s second-largest economy.