China’s annual trade surplus exceeded $1 trillion for the first time in November, buoyed by a sharp rise in exports to major markets outside the United States, according to official figures.

The General Administration of Customs reported that exports grew 5.9% year-on-year last month, reversing October’s decline and outpacing Bloomberg’s forecast of 4% growth. The gain came despite a steep 28.6% drop in shipments to the United States, which fell to $33.8bn.

Analysts said China’s exporters have been able to redirect goods to other markets, cushioning the impact of weakening US demand. Zichun Huang of Capital Economics noted that trade rerouting and more substantial price competitiveness, aided by domestic deflation, were likely to keep exports resilient in the coming months.

The surge in outbound shipments pushed China’s surplus for the first 11 months of the year to $1.08 trillion, surpassing last year’s total. Huang said the gap was expected to widen further next year, a trend that has drawn criticism from Western governments.

French President Emmanuel Macron warned over the weekend that Europe may impose tariffs if Beijing fails to narrow its trade surplus with the EU. His comments followed a state visit to China, where he urged Beijing to address longstanding imbalances.

While exports strengthened, the data also pointed to continued weakness in domestic demand. Imports rose 1.9% in November, short of expectations and reflecting subdued household spending and ongoing strain in the property sector.

The figures come weeks after Presidents Xi Jinping and Donald Trump agreed to pause tariff hikes and export controls during a meeting in South Korea. The temporary truce is set to expire late next year, leaving a narrow window to negotiate a lasting settlement in a dispute that has reshaped global trade.