China's trade surplus exceeds $1 trillion for the first time

VTV.vn - China's trade surplus in the first 11 months of this year reached 1,076 billion USD, the highest level ever.

Qingdao Cargo Port, Shandong Province, China. (Photo: THX/TTXVN)

New figures show China posted a record trade surplus in the first 11 months of the year thanks to a strong recovery in exports, despite continued weakness in domestic demand and trade with the US.

China's trade surplus in the first 11 months of this year reached $1.076 trillion, setting a record high as the economy is trying to diversify its markets and supply chains to adapt to trade fluctuations.

This figure has surpassed the surplus for the whole of 2024, showing the relatively stable resilience of China's export industry.

According to experts, the increase in exports will support China's economic growth in the context of lower-than-expected import growth reflecting weak domestic demand.

At a meeting of the Chinese Politburo on economic policy on December 8, President Xi Jinping mentioned the task of boosting domestic consumption demand, emphasizing "the need to take domestic demand as the main driving force and build a strong domestic market." In addition, Mr. Xi also reiterated the call to build "new growth engines," including industries that play an important role in China's export growth, such as electric vehicles and robots.

China's share of global exports will rise to 16.5% by 2030, from 15% now, according to analysts at Morgan Stanley. The Morgan Stanley report said that increasing protectionism from trading partners is unlikely to stop China's rise.

With its dominance in fast-growing industries such as electric vehicles, batteries and robotics, China is expected to continue to consolidate its position in global manufacturing and trade.

Zichun Huang, China economist at research firm Capital Economics, noted that “trade diversion is playing an increasingly important role in offsetting the impact of US tariffs,” and as a result, he forecasts China’s trade surplus will continue to rise through 2026.

Source: https://vtv.vn/thang-du-thuong-mai-cua-trung-quoc-lan-dau-vuot-1000-ty-usd-10025120915434551.htm