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China's Trade Surplus Tops $1 Trillion Despite Plunge in US-Bound Exports
China’s exports grew 5.9% in November, driven by strong demand from the EU, Africa, and ASEAN, despite a slowdown in shipments to the US, pushing the trade surplus over $1 trillion.
- Last month, China, the world's second-biggest economy, rebounded with exports pushing the trade surplus past $1 trillion for the first time.
- Amid weak domestic demand, exports shifted toward markets other than the United States, with exports to the European Union expanding nearly 28% in November and shipments to Africa surging nearly 28%.
- Data show exports rose 5.9 per cent year-on-year in November while imports climbed only 1.9 per cent, bringing a monthly surplus of US$112 billion despite US shipments sinking 28.6 percent to $33.8 billion.
- The surplus will help boost growth after economic deterioration, but trading partners face pressure and French President Emmanuel Macron warned of strong measures in the coming months.
- Huang of Capital Economics wrote `Weakness in exports to the United States was more than offset by shipments to other markets`, and `Exports are likely to remain resilient, thanks to trade rerouting and rising price competitiveness as deflation pushes down China's real effective exchange rate` with the detente due to expire late next year.
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China's trade surplus tops $1 trillion despite plunge in US-bound exports
China's towering annual trade surplus surpassed $1 trillion for the first time last month, data showed Monday, as a sharp drop in shipments to the United States was offset by surging exports to other major markets.
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China's trade surplus in goods exceeded $1 trillion for the first time this year. Meaning it exported more goods to other countries than it imported. Its US shipments, however, dropped 29% due to the trade war between the US and China, which began after President Trump announced his "Liberation Day" tariffs in April. In November,…
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Total News Sources32
Leaning Left2Leaning Right3Center8Last UpdatedBias Distribution62% Center
Bias Distribution
- 62% of the sources are Center
62% Center
15%
C 62%
R 23%
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