China reported a significantly larger-than-expected trade surplus in November, driven by a sharp rebound in exports and moderate growth in imports. According to official data, the surplus reached $111.68 billion—considerably higher than the consensus forecast of $100.20 billion and above October's level of $90.07 billion.

Exports surged by 5.9% year-on-year, fully offsetting the 1.1% decline in October and surpassing analysts’ expectations of just a 3.8% increase. In contrast, imports rose by only 1.9%, way below the forecast of 3%, highlighting that domestic demand remains weak and is clearly responding more slowly to macroeconomic stimuli.

The robust exports largely reflect improved global trading conditions and a recent tariff truce with the United States, allowing Chinese exporters to regain some of their lost market share overseas. This strong surplus provides additional support for China’s economic growth in the short term. However, the sluggish imports signal that challenges related to domestic consumption and investment remain unresolved and could limit the sustainability of the recovery if the external environment becomes less favorable again.