German media: China's exports increased by 5.9% in November, and the trade surplus exceeded $1 trillion for the first time

China's exports to the United States dropped by about 30% in November this year, while exports to the European Union increased by nearly 15%. The trade surplus of China has exceeded $1 trillion for the first time in the first 11 months of this year.

According to data released by the General Administration of Customs of China on Monday, December 8th, China's exports in November, measured in US dollars, increased by 5.9% year-on-year, while in October, China's exports had unexpectedly declined by 1.1%.

China's imports in November saw an expanded year-on-year growth of 1.9%. The growth rate of imports in the previous month was 1.0%.

Focusing on Sino-US trade, exports from China to the United States fell by nearly 29% in November. This is the eighth consecutive month with a double-digit decline, and it is the largest decline since August. Imports from the United States to China fell by about 19% in November.

Although the two major economies, the United States and China, also reached a trade agreement at the end of October, the trend of continued decline in Sino-US trade has not been stopped. Analysts point out that tariffs imposed by the United States on Chinese goods are still higher than those of many other countries. According to data from the Peterson Institute for International Economics, the average tariff on Chinese goods in the United States remains around 47.5%, while China's tariffs on imported goods from the United States are approximately 32%.

At the same time, exports to regions such as the European Union, Latin America, and Africa showed strong growth. In November, China's exports to ASEAN and the European Union grew by more than 8% and 14.8% respectively. Exports to Germany in November increased by 15.5%, while imports from Germany decreased by 4.2%.

Data also shows that China's rare earth exports increased by 26.5% compared to the previous month in November.

In the first 11 months of this year, the total value of China's imports and exports reached 41.21 trillion yuan, an increase of 3.6% year-on-year, and the trade surplus exceeded $1 trillion for the first time.

Source: DW

Original: toutiao.com/article/1850942979203211/

Statement: The article represents the views of the author.