China’s annual trade surplus exceeded $1 trillion

China’s annual trade surplus exceeded $1 trillion for the first time despite a deepening plunge in shipments to the US, risking a backlash from markets flooded by goods from the world’s biggest manufacturing nation.

尽管对美国的出口量持续大幅下滑，但中国的年度贸易顺差首次突破1万亿美元，这有可能招致来自被这个世界最大制造国商品淹没的市场的强烈抵制。

Exports returned to growth in November after an unexpected drop the previous month, rising 5.9% from a year earlier and far outpacing a 1.9% gain in imports, according to data published by China’s General Administration of Customs on Monday. The November surplus came in at $112 billion, the third-largest ever accumulated by China in a single month and far more than forecast by economists.

根据中国海关总署周一公布的数据，在经历上个月的意外下降后，11月的出口恢复了增长，同比增长5.9%，远超过进口1.9%的增幅。11月的顺差达到1120亿美元，是中国单月累计的第三大顺差，远超经济学家的预测。

As China navigated the trade war and growing economic protectionism around the world, the country amassed a surplus of $1.1 trillion, needing just 11 months to catapult it past a full-year record set in 2024. While shipments to the US plummeted 29% in November — the eighth month of double-digit declines and the biggest since August — strong growth in sales to regions like the European Union and Africa more than offset the slump.

在中国应对贸易战和全球日益增长的经济保护主义之际，该国积累了1.1万亿美元的顺差，仅用11个月就使其超越了2024年创下的全年纪录。虽然对美国的出口量在11月暴跌了29%——这是连续第八个月的两位数下降，也是自8月以来的最大跌幅——但对欧盟和非洲等地区的强劲销售增长抵消了这一大幅下滑。

The display of export dominance is stirring waves of resentment abroad. French President Emmanuel Macron, who visited China last week, has warned the EU may take “strong measures,” including by imposing tariffs, should Beijing fail to address the imbalance.

这种出口优势的展示正在国外激起一波愤懑情绪。上周访问中国的法国总统埃马纽埃尔·马克龙警告说，如果北京不能解决这种失衡，欧盟可能会采取“强有力措施”，包括征收关税。