- Prior was a surplus of $84.54B
- Exports +22.0% vs +17.2% y/y expected
- Imports +31.7% vs +19.5% y/y expected
This is good news for the global economy. China imports are early in the global manufacturing cycle and the pickup in November suggests that Chinese manufacturers see strong global demand for what they're selling.
The rise in exports and overall trade is also good news, though the continued elevation in the overall trade balance could be politically problematic as the Biden administration reviews the Phase 1 trade deal and its missed commitments.
