China's trade surplus crosses USD1tril

China’s annual trade surplus topped USD1 trillion for the first time as rising exports to other major markets offset plunging shipments to the U.S..

Transcript

00:00China's trade surplus has now exceeded US$1 trillion for the first time,

00:06according to new figures released by Beijing.

00:09Although shipments to the United States fall sharply,

00:13strong demand from other major markets pushes the overall surplus higher.

00:18The surplus provided important support for an economy navigating strained relations with key trading partners.

00:24The resilience of exports has also helped offset pressure from the prolonged property debt crisis and weak domestic spending.

00:33In November, exports rose 5.9% year-on-year, reversing a modest decline in October.

00:40Shipments to the United States, however, fell by 28.6% to US$33.8 billion.

00:47This November rebound lifted the trade surplus for the first 11 months of the year

00:52to US$1.08 trillion.

00:55Analysts noted that the surplus has already surpassed last year's total

00:59and is likely to widen further in the year ahead.