Chinese Exports Surge, Expanding Trade Surplus to Highest Level in Five Months

According to Trading Economics data, Chinese trade performed stronger than expected in November 2025, with exports rising by 5.9% year-on-year to reach $330.3 billion, the highest level in eleven months, surpassing market expectations of only 3.8% growth. This rebound follows a decline of 1.1% in October, as companies rushed to clear their inventories taking advantage of the new tariff truce with the United States.

Meanwhile, the Chinese trade surplus widened to $111.68 billion in November, compared to $97.33 billion in the same period last year, exceeding market forecasts of $100.2 billion. This is the largest surplus since June, driven by exports growing faster than imports.

Despite the strong export performance, imports only rose by 1.9%, below the growth forecast of 2.8%, but higher than the increase recorded in October at 1.0%, which was the weakest growth rate for imports in five months.

These data reflect an improvement in global business activity towards China, but the sustainability of this momentum remains tied to developments in trade relations with the United States and a relative improvement in global demand.