China Has Record Trade Surplus as Exports Surge
China Has Record Trade Surplus of $75.42 Billion
Global demand for goods has soared with China being the main beneficiary.
The result is a Record Trade Surplus for China in November.
November exports were up 21% from a year earlier, the General Administration of Customs reported Monday, accelerating from October’s 11.4% and beating economists’ 12% forecast. Imports were up 4.5%, slowing slightly from October’s 4.7% and short of the 5.3% expected by economists. The resulting $75.42 billion trade surplus topped the record set in May, when a drop in imports was the major factor.
China’s November shipments to the Association of Southeast Asian Nations and the U.S., its No. 1 and No. 3 trading partners, respectively, were up 10% and 46% from a year earlier, beating October’s pace. Exports to the European Union, its No. 2 trading partner, were up 8.6% after being down 7% in October, according to calculations made by The Wall Street Journal.
China’s November imports of goods from the U.S. were up 33% from a year earlier, on par with October’s pace. But purchases of American farm, energy, and other products and services are far below levels promised in the trade deal with the U.S. earlier this year.
Trump's Deal With China
For discussion of how far China is behind on trade commitments, please see How Well is the US Doing on Trump's Deal With China?
How Will Biden Differ?
Like Trump, Biden faces an insurmountable problem in regards to China, if he has the same goals.
For discussion, please see How Will Biden Differ From Trump on Trade and China Policy?