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China
- China’s exports rose 5.9% in November after a slight decline in October, pushing the trade surplus past $1 trillion for the first 11 months of 2025.
- Imports grew 1.9%, below expectations, highlighting continued weak domestic demand.
- Chinese exports to the U.S. fell nearly 29%, offset by strong growth to Europe (+14.8%), Australia (+35.8%), and Southeast Asia (+8.2%).
- Trade diversification and rerouting helped offset U.S. tariffs, with electronic machinery, semiconductors, and rare earths driving export growth.
- Domestic factory activity remained in contraction for the eighth consecutive month.
- The U.S.-China trade truce from October temporarily eased tariffs and export controls, but exports to the U.S. remain subdued.
