China from the beginning of this year until December 1st achieved trade surplus in the amount of 1,08 trillion (1.080) billion dollars, which is an absolute record, and it is more by 16 billion dollars than the trade surplus in the whole of last year, the state customs service announced.
After an unexpected drop in October, exports from China rebounded in November, although shipments to the United States were down nearly 29 percent year-on-year, CNN reports.
Total exports from China were 5,9 percent higher than last year in November and reached 330,3 billion dollars, while in October there was a decrease in exports by 1,1 percent, customs data published today show. While exports from China to the US were down for most of the year, shipments rose to other destinations, including Southeast Asia, Africa, Latin America and the European Union. Chinese imports in November increased by 1,9 percent and amounted to 218,6 billion dollars, which is an increase compared to October, when imports grew by one percent.
Factory activity in China fell for an eighth straight month in November, and economists said it was too early to tell whether there had been a real recovery in foreign demand after the US-China trade truce.
Meeting the goal of economic growth of about five percent this year
With exports still strong, economists expect China to more or less meet its economic growth target of around five percent this year.
Chinese leaders highlighted a focus on advanced manufacturing over the next five years after a high-level meeting in October.
The annual economic planning meeting, chaired by President Xi Jinping, was held in Beijing to map out economic growth plans for 2026, with Chinese leaders reiterating their focus on "pursuing progress while ensuring stability".
Morgan Stanley predicts that China's market share of global exports will reach 16,5 percent by 2030, up from around 15 percent currently, driven by its advantage in advanced manufacturing and high-growth sectors such as electric vehicles, robotics and batteries.
Source: FoNet
