China Has Record Trade Surplus as Exports Surge

Mish

China's exports surged 21% in November from a year ago but import growth slowed.

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?

Mish

Comments (18)
No. 1-5
njbr
njbr

The US trade deficit is 74.8 per cent higher than in January 2017, when Trump took office, and a higher deficit than at any point of his presidency to date.

Casual_Observer
Casual_Observer

What happen to Covid in China ? You don't see much these days. I did see leaked audio of Chinese Premier Xi telling doctors to cover it up.

Dodge Demon
Dodge Demon

Is this good for climate change? Doesn’t count if in China, right? Plant a plastic Christmas Tree for me.

magoomba
magoomba

I'm stocking up on all the finest quality, lowest priced, Chinese product I can still find.
The good stuff is running out and I'm afraid we will soon be unable to afford any of it.

magoomba
magoomba

I'm stocking up on all the finest quality, lowest priced, Chinese product I can still find.
The good stuff is running out and I'm afraid we will soon be unable to afford any of it.


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