Despite steep United States duties under President Donald Trump’s renewed protectionist agenda, China’s goods trade surplus for the first 11 months of the year reached an unprecedented US$1.076 trillion, crossing the trillion-dollar threshold for the first time.

The November 2025 figures tell total exports rose by 5.9 percent year-on-year even. China’s ability to withstand such a dramatic contraction in its traditional anchor market while still maintaining overall export growth reflects not only the depth of its manufacturing base, but also a broader reordering of global demand toward Europe, Southeast Asia and the wider Global South.

This diversification is neither sudden nor accidental.

Over the past decade, China has woven itself into supply chains across Europe and ASEAN, becoming indispensable to the production of machinery, electronics and renewable-energy equipment. As exports to the US plunged by nearly 29 percent in November, shipments to other major markets surged, exports to the European Union grew by 14.8 percent and those to ASEAN by 8.2 percent in November alone.

These trends reflect deeper structural dependencies. Europe now relies heavily on Chinese components to support its energy transition, while Southeast Asia depends on Chinese machinery and intermediate goods to fuel rapid industrial upgrading.

US tariffs may divert some bilateral flows, but they leave intact China’s centrality in the global production networks that underpin these transformations.