How are China’s exports faring?
China’s outbound shipments have proved remarkably resilient. In the first 11 months of 2025, exports grew 5.7% even with average US tariffs at 47.5%. Sales to the US slumped 18%, but Chinese manufacturers more than made up for it elsewhere: exports to Europe climbed 9%, while shipments to Southeast Asia and Africa surged 15% and 27%, respectively.