ECONOMY

China’s Trade Surplus Breaks $1 Trillion for First Time Despite Slump in Exports to U.S.

Published: Dec. 8, 2025 7:29 p.m. GMT+8

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Yantai Port in Shandong province. Photo: VCG

China’s trade surplus climbed to a record $1.1 trillion in the first 11 months, topping the previous full-year high of $992.6 billion set in 2024 despite a sharp decline in exports to the U.S., customs data showed Monday.

Shipments to the U.S. dropped 18.9% year-on-year in dollar terms in the January-November period, highlighting the drag from bilateral trade frictions, according to data from the General Administration of Customs. Demand from other major partners helped support China’s headline trade performance.

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China’s exports rose 5.9% year-on-year in November, surpassing forecasts; imports increased by 1.9%.
The trade surplus widened to $111.7 billion, the highest in H2 2023.
Exports to the U.S. fell 28.8%, while shipments to the EU rose 14.3% and to Africa grew 28.2%.

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