China registered a trade surplus of nearly $1.2 trillion in 2025, the government reported on Wednesday. The record figure comes as strong exports to international markets offset slowing shipments to the United States. According to customs data cited by AP, the country’s exports rose 5.5% to $3.77 trillion last year, while imports remained steady at $2.58 trillion. The nation’s trade surplus in 2024 had stood at $992 billion. Back in December, exports rose 6.6% from the previous year in dollar terms, surpassing economists’ expectations and improving on November’s 5.9% year-on-year increase. At the same time, imports in the last month of 2025, rose 5.7% year-on-year, compared with a 1.9% increase in November.Though shipments to the United States have fallen drastically after President Donald Trump’s return to office and his escalation of the trade war with China, the decline has been largely offset by exports to South America, Southeast Asia, Africa and Europe.China’s economic growth has maintained its annual rate close to the official target of about 5%, thanks to strong exports. Other countries, meanwhile, are facing concerns about the impact of cheap imports on local industries. Last month, the head of the International Monetary Fund urged China to address economic imbalances and accelerate its shift away from export dependence by boosting domestic demand and investment. Meanwhile, a prolonged downturn in the property sector, triggered by the authorities’ crackdown on excessive borrowing and subsequent developer defaults, continues to weigh on consumer confidence and domestic spending.
Chinese economy — Outlook for 2026
Despite ongoing trade friction and geopolitical tensions, experts are anticipating that this year too exports will be driving Chinese economy.“We continue to expect exports to act as a big growth driver in 2026,” said Jacqueline Rong, chief China economist at BNP Paribas.Gary Ng, senior economist at French investment bank Natixis, extimated the trade surplus to remain above $1 trillion this year and exports will grow around 3% in 2026.