China’s trade surplus hits $1 trillion for first time — even as US exports plunge 29%

China’s global trade surplus surpassed $1 trillion in November for the first time ever — despite President Trump’s attempts to crack down on US imports from the nation.

So far this year through November, overall Chinese worldwide exports rose 5.4% compared to the same period in 2024. Imports, meanwhile, fell 0.6%.

That hiked China’s 2025 global trade surplus through November to $1.076 trillion – more than the $990 billion surplus it recorded for the entirety of 2024.

In October, the US and China reached a trade deal to lower tariff rates on one another, leaving Beijing facing average US tariffs of 47.5%.

China also pledged to buy more American soybeans, delay export controls on rare earth minerals and clamp down on the illicit fentanyl trade.

Chinese exports to the US plunged 28.6% in November – the eighth consecutive month of double-digit declines. It was an even larger drop than the 25% decline recorded in October.

Imports from America fell 19% in November compared to the previous year.

But “China continues to rely less on selling stuff to the US,” Peter Boockvar, chief investment officer at One Point BFG Wealth Partners, wrote in a note Monday. 

“China has a massive pool of domestic savings and China will again try to encourage consumers to unleash more of it to lessen their dependency on manufacturing and exports.”

Overall Chinese exports jumped 5.9% in November on a yearly basis – even higher than estimates and a rebound from an unexpected 1.1% drop in October.

Imports ticked up 1.9%, missing estimates of a 3% rise as a housing slump and job insecurity continue to pummel consumer spending in the nation.

The nation made up for its decline in US exports with a notable jump in shipments to other parts of the world – likely to be a major concern in the European Union, where exports jumped nearly 15% so far this year.

China’s exports to Southeast Asia also rose more than 8% in the same period, a sign of the nation’s “transshipments” – sending goods to other Asian countries like Vietnam before ultimately shipping them to America.

Meanwhile, the United States’ trade deficit has contracted sharply, plunging to $59.6 billion in August – down from $78.2 billion in July and $71.2 billion the previous year.

American exports and imports each hit new records in August at $62.4 billion and $13.6 billion, respectively.

So far this year, the trade deficit with China is $185.2 billion – down roughly 21% from the previous year.

President Trump has said he would likely travel to Beijing in April, while Chinese leader Xi Jinping has appeared willing to travel to the US early next year as both sides hope to nail down a more permanent trade deal.