China’s trade surplus surged to a record of almost $US1.2 trillion ($A1.8 trillion) in 2025 as exports picked up in December.
Customs data shows that China’s global surplus rose 20 per cent from the previous year, with exports at $US3.77 trillion and imports at $US2.58 trillion.
The 2024 trade surplus was $US992 billion.
China’s exports for December were up 6.6 per cent from the previous year, better than economists’ estimates and higher than November’s 5.9 per cent year-on-year increase.
Imports in December were up 5.7 per cent year-on-year, compared to November’s 1.9 per cent.
Economists expect exports will continue to support China’s economy in 2026, despite trade friction and geopolitical tensions.
“We continue to expect exports to act as a big growth driver in 2026,” said Jacqueline Rong, chief China economist at BNP Paribas.
While China’s exports to the US have fallen sharply since President Donald Trump returned to office and escalated his trade war with the world’s second-largest economy, that decline has been largely offset by shipments to other markets in South America, Southeast Asia, Africa and Europe.
Strong exports have helped keep China’s economy growing at an annual rate close to its official target of about five per cent, but they have also triggered alarm in countries that fear a flood of cheap imports are damaging local industries.
The head of the International Monetary Fund in December called for China to fix its economic imbalances and speed up its shift from reliance on exports by boosting domestic demand and investment.
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