7.2万亿，美国关税失效？美媒感叹：中国居然交了全球最好成绩单

Core Insights - China's trade surplus has surpassed $1 trillion for the first time, despite the U.S. imposing historically high tariffs on Chinese goods, highlighting China's robust trade performance [1][3]. Trade Performance - In the first 11 months of 2025, China's goods trade surplus reached $1.08 trillion, marking a historical record [3]. - Exports to the U.S. fell by 28.6% year-on-year, continuing a downward trend for eight consecutive months, while overall exports increased by 5.9% [3]. - Exports to the EU rose by 8.1% to $508.05 billion, exports to ASEAN increased by 13.7% to $599.03 billion, and exports to Africa surged by 26.3% [3]. Structural Changes - The shift in China's trade dynamics is evident as manufacturers diversify their markets in response to U.S. tariffs [3][5]. - Private enterprises have become the backbone of China's foreign trade, accounting for 57.1% of total trade value, showcasing their agility and competitiveness [3][5]. Export Composition - In the first 11 months, mechanical and electrical products constituted 60.9% of total exports, with integrated circuits and automobiles seeing growth rates of 25.6% and 17.6%, respectively [5]. - The "new three types" of products, including electric vehicles, lithium batteries, and solar panels, continue to lead export growth [5]. Market Dynamics - The EU market has shown significant changes, with exports to the EU growing by 14.8% in November, and the trade surplus expected to exceed €350 billion [8]. - Africa has emerged as a new growth highlight, contributing approximately 1.3% to total export growth, a significant increase from 0.2% the previous year [8]. E-commerce Growth - Cross-border e-commerce has also seen rapid growth, with imports and exports reaching 2.06 trillion yuan, a 6.4% increase [8]. Import Trends - The increase in trade surplus is partly due to falling prices of major imports like crude oil, coal, and natural gas, which have seen price declines of 12.1%, 23.9%, and 9.4%, respectively [9]. U.S.-China Trade Relations - The U.S. tariffs imposed since 2018 have not resulted in increased employment in related industries, and the trade deficit with China has reached $1.06 trillion, significantly higher than pre-trade war levels [11]. - A recent agreement between the U.S. and China led to the cancellation of 91% of the imposed tariffs, indicating a potential thaw in trade relations [11]. Manufacturing Sector - China's manufacturing output grew by 7% compared to the same period in 2024, with a projected trade surplus of $2 trillion for 2025 when excluding raw material imports [6][12]. - The high-tech manufacturing sector has shown a 9.5% increase in value-added output, contributing 23.3% to overall industrial growth [12]. Industry Development - By 2025, China has cultivated 1,557 manufacturing champions and over 140,000 specialized small and medium enterprises, which are crucial for high-quality industrial development [14].