China Exports Unexpectedly Fall in October

China’s exports rose by 6.6% yoy to a record peak of USD 357.8 billion in December 2025, surpassing expectations of 3.0% growth and accelerating from a 5.9% gain in November. It marked the strongest growth since September, driven by a surge in exports to non-US markets, as governments have sought to diversify export destinations since Trump’s victory in the November 2024 presidential election and to deepen trade ties with ASEAN and the EU. Among major trading partners, exports grew to ASEAN (11.1%), China's largest trading partner in bloc terms, the EU (11.6%), Latin America (9.8%), Africa (21.8%), Japan (5.3%), Taiwan (11.2%), and Australia (12.9%). However, exports to the US plunged 30% in December after slumping 28.6% in November, and fell 20% for the full year 2025 due to the impact of newly imposed US tariffs, even though the US and China agreed to scale back some of their duties. For the whole of 2025, China’s exports rose 5.5% from a year earlier to USD 3.77 trillion

China's exports increased by 5.9% year-on-year to an eleven-month high of USD 330.3 billion in November 2025, surpassing expectations for 3.8% growth and recovering from a 1.1% fall in October. The rebound in outbound shipments was boosted by a surge in exports to non-US markets amid governments’ efforts to diversify their export destinations since Trump won last November's presidential election and to deepen trade ties with ASEAN and the EU. Among major trading partners, exports grew to Japan (4.3%), South Korea (1.9%), Taiwan (12.8%), Australia (35.8%), ASEAN (8.2%), and the EU (14.8%), while shipments to the US slumped by 28.6%, even though the US and China agreed to scale back some of their tariffs. Year-to-date, China’s exports rose 5.4% from a year earlier to USD 3.41 trillion. During the period, export growth was recorded in several key product categories, including agricultural products (1.2%), ICs (24.7%), fertilizer (61.5%), textiles (0.9%), cars (16.7%), and LCDs (10.5%).

China's exports unexpectedly fell by 1.1% year-on-year to an eight-month low of USD 305.4 billion in October 2025, missing expectations for a 3% increase and reversing an 8.3% gain in September. This marked the first decline in outbound shipments since February, as overseas orders tapered off following months of front-loading to beat new US tariffs, while buyers waited to see how a volatile month in US-China trade relations would play out. The Golden Week holiday, which resulted in fewer working days, along with a high base effect from last year, also contributed to the decline. By destination, exports shrank to Japan (-5.7%) and South Korea (-13.1%). Shipments to the US plunged by 25.2% yoy, marking the seventh consecutive month of double-digit declines. However, year-to-date, China’s exports rose 5.3% from a year earlier to USD 3.08 trillion. During the period, exports grew to Japan (3.3%), ASEAN (14.3%), and the EU (7.5%), while shipments to the US plunged by 17.8%.