China closed 2025 with a record-breaking trade surplus of $1.189 trillion, defying renewed tariff pressures from the Trump administration.
Customs data released Wednesday showed the surplus exceeded the trillion-dollar mark for the first time in November, underscoring Beijing’s resilience amid global trade tensions.
Chinese exporters have increasingly shifted focus to Southeast Asia, Africa, and Latin America to offset U.S. duties, while the government leaned on exports to counter sluggish domestic demand and a prolonged property downturn. Economists warn the massive surplus could heighten concerns among trading partners about overcapacity and dependence on Chinese goods.
Exports rose 6.6% year-on-year in December, beating forecasts of 3%, while imports climbed 5.7%, also surpassing expectations. Monthly surpluses topped $100 billion seven times in 2025, compared to just once in 2024, aided by a weaker yuan. Analysts say Trump’s tariffs have slowed U.S.-bound shipments but barely dented China’s global trade momentum.
China’s auto industry was a major driver, with exports rising 19.4% to 5.79 million vehicles, including a 48.8% surge in electric vehicle shipments. This cements China’s position as the world’s leading auto exporter for the third consecutive year, after overtaking Japan in 2023.
Despite the strong performance, Beijing has acknowledged the risks of excessive reliance on exports. Premier Li Qiang recently urged efforts to “proactively expand imports and promote balanced development of imports and exports,” reflecting growing awareness of economic imbalances and reputational challenges.
