China Reports $3.8T Exports and $1.2T Trade Surplus for 2025

On 14 January 2025, China Customs published its trade figures for 2025. Exports reached USD 3.77 trillion, while imports amounted to USD 2.58 trillion, leaving a trade surplus of 1.19 trillion. In 2024, the figures were USD 3.57 trillion and USD 2.58 trillion for exports and imports, respectively. Thus, exports rose by 5.5% year-on-year despite a ‘challenging external environment’, while imports basically stagnated.

Facing Trump’s tariffs, China pivoted to Southeast Asia, Africa, Latin America, and Europe to compensate for the shortfall in the USA. Thus, trade with AU increased by 26%, ASEAN by 14%, EU by 9%, and LAC by 8% year-on-year.

Some analysts believe that the export-led economy and huge surplus could be a source of friction with certain trade partners. To address these concerns, these analysts advocate for a more ‘reciprocal and balanced trade.’ As evidenced by zero growth in imports, the general sentiment in China is not rosy, and boosting domestic consumption might be easier said than done.

To boost consumer confidence would probably require better social net coverage, but the Chinese government has been lukewarm about such reforms. China did launch a campaign of ‘Swap Old for New’ by offering government subsidies to boost sales of electronics and household appliances.

Moreover, China has yet to recover from the real estate bubble burst. The real estate sector once accounted for nearly one-third of the #GDP of the economy just a few years ago and was the primary source of income for many local governments through land leases. In the coming weeks, China is expected to release its GDP figures, and one can see more clearly where the Chinese economy now stands. The Government is now trying to recuperate these unfinished and unsold apartment buildings and repackage them as ‘social housing’ to find an outlet and cut its losses.

On the other hand, the China-USA trade volume dropped nearly 20%. Unexpectedly, the China-Russia trade volume also dropped, indicating that the support of China for the Russian economy might not be as strong as before.

From a product perspective, the ‘Three New Stuff’, viz, #EV, #PV and #ESS, stood out with a growth of nearly 30%. Industrial machinery, including high-end production robots, displayed a robust growth of 13%. China’s policy is to scale up the global value chain (#GVC) and shed its image of a low-cost, low-quality manufacturer.

Looking at the export revenue may appear rosy, but it does not the whole picture. Many manufacturers and exporters had to offer steep discounts to attract new markets and customers. The US market was a lucrative market which was not too concerned about price, compared to markets in developing countries which are more price-sensitive. Thus, despite achieving fatter exports, many Chinese companies experience slimmer margins.

The figures were made public by China Customs during a news briefing by the State Council Information Office (SCIO) on Wednesday, 14 January 2026. Wang Jun, Deputy Director-General of the General Administration of Customs of China (GACC), underlined that by diversifying its trading partners, China has displayed an ability to weather the storm. However, he warned that the momentum for global trade growth has slowed, and the external environment for China remains complex and challenging.