The latest official figures show that imports increased by only 1.9% in the same period, resulting in a surplus of 112 billion dollars (96 billion euros) for the month. Economists surveyed had predicted a 4% increase in exports.
The data emerges amidst a prolonged decline in the real estate sector prices and rising job insecurity, which continue to limit domestic consumption. Nonetheless, the increase in imports surpasses the 1% rate recorded in October.
The record trade surplus also comes after a recent easing of trade tensions with the United States and could intensify calls from several trade partners for greater correction of China’s external imbalances, particularly the mass influx of low-priced goods impacting local industries in other countries.
As part of the agreement with Washington, the two nations committed to reducing reciprocal tariffs, easing controls on the export of critical minerals and advanced technology, and cooperating in combating fentanyl trafficking. Beijing also agreed to increase purchases of American soybeans.
Despite these steps, the Peterson Institute for International Economics notes that the U.S. still maintains average tariffs of 47.5% on Chinese goods, while China applies tariffs of about 32% on U.S. products.
The figures also highlight Beijing’s struggle to rebalance an economy still heavily reliant on external demand. Net exports accounted for nearly one-third of China’s economic growth in 2025.
Despite the trade war initiated earlier this year by U.S. President Donald Trump, the world’s second-largest economy has remained resilient, redirecting its sales to alternative markets beyond the United States.
External demand continues to be the most consistent driver of China’s growth, offsetting weak domestic consumption and a prolonged real estate sector crisis.
The country’s trade profile has become increasingly asymmetrical: domestic demand remains anemic, while highly competitive Chinese companies continue to reduce the need for imports.
This record surplus is expected to positively impact GDP acceleration, following several months of economic slowdown. Retail sales are emerging from the longest slowdown cycle since 2021, and investment has hit a historic decline.
Although the Chinese economy is growing at a slower pace in the last quarter of the year, the robust performance in previous months makes the official growth target of “around 5%” for 2025 set by Beijing attainable.
According to investment bank Goldman Sachs, the Chinese government is expected to maintain this target for 2026, to be formally announced at the annual session of the National People’s Congress in March, and may adopt new stimulus measures early next year, including a 1 percentage point increase in the broader fiscal deficit and additional interest rate cuts.
