China has reported the most important commerce surplus in international historical past, underlining the resilience of its export machine regardless of a 12 months of disruption attributable to Donald Trump’s tariffs and commerce brinkmanship.
Official figures launched in Beijing present China recorded a full-year commerce surplus of $1.19 trillion (£890bn) in 2025, the primary time the nation’s surplus has exceeded the $1tn mark. The determine comfortably surpassed the earlier document of $993bn set in 2024.
Month-to-month knowledge highlights the size of China’s export dominance. Export surpluses exceeded $100bn in seven separate months final 12 months, suggesting that whereas commerce with america weakened, Chinese language exporters have been in a position to redirect items to different markets with outstanding pace.
Commerce flows to South East Asia, Africa and Latin America rose sharply, offsetting the affect of tariffs imposed by Washington. Exports to Europe additionally held up higher than many analysts anticipated, reinforcing Beijing’s long-standing argument that the US is now simply one among many locations for Chinese language items.
Wang Jun, deputy director of China’s customs authority, described the figures as “extraordinary and hard-won” given what he known as “profound modifications” within the international commerce setting. He pointed to sturdy progress in exports of inexperienced expertise, synthetic intelligence-related merchandise and robotics as key drivers.
The ballooning surplus additionally displays weak spot at house. China’s home financial system continues to be weighed down by a chronic property downturn and rising debt ranges, leaving companies cautious about investing and households reluctant to spend. Imports rose by simply 0.5% over the 12 months, limiting demand for international items and widening the excess additional.
A weaker yuan, mixed with sturdy manufacturing capability and better inflation in Western economies, has additionally made Chinese language exports extra aggressive on value, notably in rising markets.
For policymakers in Beijing, the information affords reassurance that China’s export sector stays globally embedded at the same time as relations with Washington stay strained. Nevertheless, officers have been cautious to strike a observe of warning. Wang warned that the exterior setting stays unsure, with rising resistance from buying and selling companions involved about being flooded with low-priced Chinese language items.
These considerations are already translating into political strain. A number of international locations have raised alarms over home industries struggling to compete with Chinese language imports, and additional commerce defences could comply with.
The figures come after a turbulent 12 months in international commerce. In April final 12 months, Trump introduced sweeping tariffs on items from greater than 90 international locations, with China dealing with among the harshest measures. A quick escalation noticed threats of triple-digit tariffs earlier than tensions eased following a gathering between Trump and Xi Jinping in South Korea in October.
Whereas essentially the most excessive measures have been paused, a spread of tariffs stays in place, persevering with to suppress Chinese language exports to the US. Companies on either side at the moment are bracing for additional volatility as commerce coverage as soon as once more turns into a central device of geopolitical technique.
