China's trade surplus exceeds $1 trillion for the first time. How much is the surplus in the relationship with Romania
China's trade surplus in goods topped $1 trillion this year for the first time as exports surged despite a tariff war launched by US President Donald Trump.
In the first 11 months of this year, China's dollar trade surplus was $1.076 trillion, according to data released Monday by the country's customs administration, which covers goods but not services.
China's trade surplus in goods for the full year 2024 was just under $1 trillion.
In 2024, bilateral trade in goods, according to Romanian statistics, totaled USD 9.28 billion, of which Romanian exports to the Chinese market reached USD 779.6 million, and imports from China amounted to USD 8.5 billion. The trade balance was net in favor of China, with a surplus of USD 7.7 billion at the end of 2024
Data on Monday showed exports rose 5.9 percent in November from a year earlier, while imports rose 1.9 percent, bringing a surplus of $112 billion for the month.
China's exports to the US have fallen sharply in recent months, falling 29% last month from a year earlier. But shipments to other regions, particularly Southeast Asia, have grown rapidly. Economists say some of these shipments to Southeast Asia, which rose 8 percent last month, are later transshipped to the US.
Beijing has relied heavily on exports to boost economic activity amid weak domestic demand and a housing market slowdown now entering its fifth year.
At a Communist Party Politburo meeting on economic policy, President Xi Jinping referred to the need for higher consumption, saying “it is essential to respect domestic demand as the main driver, building a strong domestic market.” But he also reiterated calls to build “new engines of growth” — industries that fuel China's exports, such as electric vehicles and robots.
Exports to the EU also rose sharply in November, up 14.8% from a year earlier, compared to 0.9% in October.
“This was the big surprise of the November data,” said Lynn Song, ING's chief economist for China.
He said the depreciation of the renminbi, in line with the dollar and against the euro, also boosted the competitiveness of Chinese exports and contributed to China's trade surplus with the EU bloc.
French President Emmanuel Macron threatened in a statement on Sunday to impose tariffs on China if Beijing fails to reduce its massive trade surplus with the European Union.
China was poised to increase its share of global exports to 16.5 percent by 2030 from 15 percent today, Morgan Stanley analysts led by Asia chief economist Chetan Ahya said in a report, adding that they doubted increased protectionist measures by trading partners could halt that advance, the Financial Times notes.
