China’s trade surplus reaches record high of over one trillion dollars
Chinese exports recovered significantly in November after declining in October. They rose by 5.9 percent compared to the previous year, exceeding analysts' expectations, who had predicted an average of four percent in a survey conducted by the Bloomberg news service.
Imports rose by 1.9 percent
Imports rose by only 1.9 percent over the same period. Combined with exports, this resulted in a trade surplus of $112 billion for the month – the first time in China's history that the surplus for the year as a whole exceeded the $1 trillion mark.
Under pressure
This development is likely to attract the attention of China's trading partners, including the EU and Germany. Their domestic markets are under pressure from cheap Chinese goods. While exports to the US slumped by 29 percent – the eighth consecutive month of double-digit declines despite the recent easing of bilateral trade tensions – higher shipments to the European Union, South America, and Africa more than offset the slump.