China’s November trade data showed weaker-than-expected performance, with both exports and imports missing forecasts. Imports fell 3.9%, the sharpest drop since September 2023, while exports grew by 6.7% in US dollar terms, significantly lower than the 12.7% increase in October. The slowdown in exports is not seen as an end to the recent export boom, though analysts warn that US tariffs may reduce export volumes by 3% in 2025. Exports to major trading partners, including ASEAN, the US, and the EU, all saw increases, with exports to ASEAN growing by nearly 15%. However, imports from ASEAN fell 3%, while rare earth exports rose by 5%. Despite export growth, domestic consumption remains sluggish.