Customs data showed that the trade surplus in November alone amounted to $111.68 billion, up from $90.07 billion in the previous month, exceeding expectations. Total exports grew by 5.9% year-on-year, compared to a contraction of 1.1% in October, and imports rose by 1.9%. In contrast, shipments to the “United States” decreased by 29% year-on-year in November, while exports to the “European Union” jumped by 14.8%, to “Australia” by 35.8%, and to Southeast Asian countries by 8.2%. “Beijing” benefited from the establishment of new production centers outside China to reduce the cost of fees.
Economist “Tse Chun Huang” believes that the tariff reductions agreed upon within the framework of a trade “truce” did not revive exports to the US market, but did not prevent the recovery of total exports. “Huang” expects China to continue to gain a larger share of global trade, despite the average US tariff on Chinese goods remaining at around 47.5%, a level that puts severe pressure on exporters’ profit margins. (24)
