China’s trade surplus surged to a record of nearly $1.2 trillion in 2025, government data showed on Wednesday, as rising shipments to other regions offset a sharp fall in exports to the United States.
Exports rose 5.5% in 2025 from a year earlier to $3.77 trillion, while imports were broadly flat at $2.58 trillion, according to data from China’s customs administration. The resulting surplus compared with $992 billion in 2024.
In December, exports increased 6.6% from a year earlier in dollar terms, beating economists’ expectations and accelerating from November’s 5.9% growth. Imports rose 5.7% in December, up from a 1.9% increase in November.
Economists said exports are likely to remain a key support for China’s economy this year, even as trade tensions and geopolitical risks persist.
“We continue to expect exports to act as a major growth driver in 2026,” said Jacqueline Rong, chief China economist at BNP Paribas.
China’s shipments to the United States have fallen sharply since President Donald Trump returned to office and stepped up trade measures against Beijing. However, the decline has been largely offset by stronger exports to other markets, including South America, Southeast Asia, Africa and Europe, the data showed.
Chinese exporters have increasingly redirected shipments to emerging markets and Europe as they adapt to higher tariffs and political frictions with Washington, analysts said, helping sustain overall export growth despite weaker demand from the United States.
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