For the first time, China’s trade surplus topped $1 trillion in the first 11 months of 2025. Whereas exports to the U.S. dropped by about one-third due to tariffs, exports to Europe, Australia and Southeast Asia surged. Most of the surge was driven by strong growth in high-tech goods, which outpaced the increase in overall exports by 5.4%.
Auto exports boomed, replacing Japan and Germany in market share. Semiconductor exports rose by 24.7% over the period and shipbuilding exports rose 26.8%.
