China's annual trade surplus has reached $1 trillion for the first time, based on customs data released on Monday.
This record surplus was recorded despite a notable reduction in exports to the United States. Overall, China's exports in November increased by 5.9% compared to the same month last year. In contrast, exports from China to the United States declined by nearly 29% during this period. Chinese imports saw a slight increase last month.
Tariffs were implemented by the United States with the objective of decreasing imports from China. These import taxes reached a high of 145% at one point, later being adjusted to 47.5%. In response to these measures, China expanded its export activities to other international markets, including countries in Europe, Africa, Latin America, and other parts of Asia.