Chinese exports in November grew by 5.9% y-o-y to US$330.3 billion, while:

“The leap came despite a continued slump in exports to the US, which fell 28.6 percent to $33.8bn last month, the data showed.”

Exports to the US now constitute only 10% of Chinese exports, with exports to other nations booming.

China’s imports grew 1.9% to US$218.6 billion. Its imports from the US fell by 19.1% to US$10.2 billion, less than 5% of Chinese imports.

The result was a US$23.6bn Chinese trade surplus with the US. This was 21% of China’s overall trade surplus for the month of US$111.7 billion.

China predominantly exports manufactured goods to the US, and imports raw materials and agricultural products from the US. China can easily re-source its US imports but the US cannot easily re-source Chinese imports. With the move to Chinese domestic advanced chip production and the COMAC 919 and later 929, there will be even fewer manufactured items that China needs from the US.

And:

“Morgan Stanley predicts by 2030, China’s market share in global exports will reach 16.5%, up from about 15% currently, fueled by its edge in advanced manufacturing and high-growth sectors such as electric vehicles, robotics and batteries.”