China's trade surplus soared to $97.44 billion in November 2024, up from $69.45 billion a year earlier and exceeding expectations of $95 billion, marking the largest surplus since June.
China trade surplus largest in five months
The increase was driven by rising exports and declining imports. Exports grew 6.7% year-on-year, below forecasts of 8.5% and easing from a 12.7% surge in October, though they reached their highest value in 26 months as manufacturers expedited shipments ahead of anticipated tariffs from the incoming U.S. administration. Meanwhile, imports fell 3.9%, a steeper decline than the 2.3% drop in October and missing expectations of a 0.3% increase, reflecting weak domestic demand. The trade surplus with the U.S. expanded to $34.9 billion in November from $33.5 billion in October.
Surplus tops $884.7 billion
For the first 11 months of 2024, the overall trade surplus reached $884.7 billion, with exports rising 5.4% to $3.24 trillion and imports increasing at a slower pace of 1.2% to $2.36 trillion. The surplus with the U.S. during this period totaled $326.8 billion.
