According to the latest goods trade statistics released by the General Administration of Customs (GAC), China's total import and export volume reached $5.75 trillion in the first 11 months of 2025, with a trade surplus of $1.076 trillion. This figure not only exceeded the $1 trillion mark for the first time in this statistical period, but also surpassed the full-year trade surplus record of 2024, hitting a new high for the same period in history.

The latest goods trade statistics released by the GAC show that in the first 11 months of 2025, China's total import and export value stood at $5.75 trillion, of which exports reached $3.41 trillion and imports $2.34 trillion, resulting in a trade surplus of $1.076 trillion. This data not only broke the $1 trillion threshold for the first time in this statistical cycle, but also refreshed the full-year trade surplus record of 2024, setting a new all-time high for the corresponding period. Calculated in RMB, the total import and export volume in the first 11 months reached RMB 41.21 trillion, a year-on-year increase of 3.6%. Among this, exports amounted to RMB 24.46 trillion, up 6.2% year on year, maintaining a steady growth momentum.

The trade performance in a single month was particularly outstanding. In November 2025, exports denominated in US dollars reached $330.35 billion, a year-on-year increase of 5.9%, up 7 percentage points from October. This successfully reversed the negative growth of the previous month and was significantly higher than the 3.4%-4% growth range previously forecast by international institutions such as The Wall Street Journal and Reuters, fully demonstrating the strong recovery momentum of China's export trade.

In terms of market layout, the remarkable effects of China's export diversification strategy have effectively hedged against the risks of fluctuations in a single market. Although China's exports to the US in November 2025 widened to a year-on-year decrease of 28.6%, other key markets maintained sound growth momentum:

• The total trade volume with ASEAN reached RMB 6.82 trillion, a year-on-year increase of 8.5%, emerging as the core engine of foreign trade growth;
• The total trade volume with the EU hit RMB 5.37 trillion, a year-on-year rise of 5.4%;
• The total import and export volume with countries along the Belt and Road reached RMB 21.33 trillion, a year-on-year growth of 6%. Among this, exports accounted for more than 50% of the total export volume, with a growth rate of 10.5%, significantly outpacing the overall export growth rate.
• Exports to Africa surged by 27.6% year on year, serving as an important pillar of export growth in the month and fully reflecting the development pattern of "complementary diversified markets".

At the product structure level, the fruitful results of manufacturing transformation and upgrading are evident, with mechanical and electrical products continuing to play a leading role in exports. In the first 11 months, the export volume of mechanical and electrical products reached RMB 14.89 trillion, a year-on-year increase of 8.8%, accounting for 60.9% of the total export value. Specifically:

• The export value of integrated circuits hit RMB 1.29 trillion, up 25.6% year on year, with a monthly growth rate reaching 34.2%;
• The export value of automobiles stood at RMB 896.91 billion, a year-on-year increase of 17.6%, with the monthly growth rate rising to 53%.High-tech products such as new energy vehicles and semiconductor chips have become the core driving force of export growth by virtue of their technological advantages. Meanwhile, private enterprises have emerged as the main force in foreign trade development. In the first 11 months, their total import and export volume reached RMB 23.52 trillion, a year-on-year increase of 7.1%, accounting for 57.1% of the total foreign trade volume, an increase of 1.8 percentage points over the same period last year. Their flexible operation mechanisms and strong risk resistance capabilities have further enhanced the resilience of China's export trade.

CNN pointed out that the trade surplus of $1.076 trillion, a new high for the same period in history, has become an important pillar supporting China's economic growth. Germany's Handelsblatt commented that Chinese export enterprises have demonstrated strong resilience amid the complex international trade environment, and exports remain a key engine for China's economic growth.

International institutions are also generally optimistic about the long-term development prospects of China's export trade. Economists at Morgan Stanley predict that, relying on technological advantages in fields such as electric vehicles, industrial robots, and energy storage batteries, China's share of global merchandise exports will rise from the current approximately 15% to 16.5% by 2030. Analysts from domestic professional institutions believe that the deepening of diversified overseas market layout and the rapid growth of high-tech product exports will continue to provide strong support for the steady growth of China's exports. Despite the possible correction in export growth rate in December due to the base effect, the high growth momentum of competitive products such as chips and automobiles will continue in the short term.

The foreign trade data for the first 11 months of 2025 not only reflects the scale advantages of China's export trade, but also highlights the development characteristics of "simultaneous growth in volume and quality". From the trade surplus exceeding the $1 trillion mark, to the increased proportion of exports of mechanical and electrical products and high-tech products, and to the further expansion of markets along the Belt and Road, China's foreign trade is achieving high-quality development through structural optimization and kinetic energy conversion, effectively addressing global economic uncertainties.