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 - The trade surplus of China reached a remarkable $1.08 trillion in the first 11 months of 2025, equivalent to over 7.2 trillion yuan, defying expectations amid the US-China tariff conflict [1] - Exports to the US decreased significantly by 18.9% year-on-year, amounting to $385.9 billion, which is nearly $90 billion less than the previous year [3] - Despite the decline in US exports, China saw an increase in exports to the EU by 8.1% and to ASEAN by 13.7%, compensating for the losses in the US market [5] Trade Dynamics - A Zhejiang automotive parts factory experienced a 30% drop in US orders due to tariffs but successfully pivoted to new markets in Southeast Asia and Africa, signing contracts that now account for 40% of total orders [7][9] - The number of private enterprises engaged in import and export activities increased by 6.6 million, with a 7.1% growth in their trade volume, indicating a shift towards diversifying markets [13] - Exports to Africa surged by 26.3%, reaching $201.7 billion, with local demand for Chinese products increasing significantly [15] Product Trends - High-tech exports, such as integrated circuits and automobiles, grew by 25.6% and 17.6% respectively, indicating a shift from low-cost, high-volume products to more advanced offerings [17] - The demand for Chinese electric vehicles in Europe has increased, with dealers willing to pay a premium for their superior battery life and smart control systems [20] - Traditional products like shoes and bags are still reliant on low margins, but their share in total exports is gradually decreasing as high-tech products take the lead [22] Import Dynamics - The average import prices of major commodities fell, with iron ore down 9.4%, crude oil down 12.1%, and coal down 23.9%, leading to a lower overall import expenditure [26] - The increase in export revenue combined with reduced import costs contributed to a higher trade surplus, which could reach approximately $2 trillion when excluding energy and food imports [28] Strategic Outlook - The US is shifting its strategy from military containment to economic competition with China, aiming to establish a similar supply chain system [29] - The complexity of China's industrial system, which encompasses a wide range of products from textiles to high-end chips, poses challenges for the US in replicating such a comprehensive supply chain [32] - China's foreign trade success is attributed to the resilience and adaptability of its enterprises, which have found new markets despite tariff barriers [36][37]