China posted a record trade surplus of about $US1.2 trillion in 2025, as a late-year lift in outbound shipments capped another year where exports did the heavy lifting for the world’s No. 2 economy.
Fresh figures from the General Administration of Customs showed December exports rose 6.6% year-on-year, beating market expectations for a much smaller gain and marking the strongest pace in 3 months. Imports also surprised to the upside, up 5.7% from a year earlier.
That combination left China with a $US114 billion monthly surplus in December — the largest in six months — and highlighted an economy still leaning on factories and overseas demand while domestic consumption remains subdued, weighed down by a prolonged property downturn and softer investment.
The annual result also points to how exporters have been redirecting sales to alternative markets after a sharp fall in shipments to the US following tariff hikes under President Donald Trump. Exports to Africa were the fastest-growing among major regions in 2025 (up 26%), while shipments to ASEAN rose 13%, the EU lifted 8% and Latin America increased 7%. Exports to the US fell 20% over the year.
Beijing has also moved to tighten exports of some goods as it tries to ease trade friction and address excess capacity in several industries, which has been feeding deflationary pressure at home.
On currencies, the yuan is widely expected to keep edging higher against the US dollar, though it slid more than 7%against the euro last year. After factoring in China’s deflation versus faster price growth elsewhere, measures of China’s “real” competitiveness suggest export pricing power is still supported.