China’s trade balance grew mostly in line with expectations in November, supported chiefly by strong exports as overseas demand for Chinese goods remained strong despite increased geopolitical ructions.
China’s trade balance grew to a surplus of $114.10 billion in December, government data showed on Wednesday. The print was just below expectations for a $114.30 billion surplus, and improved from the $111.68 billion seen in the prior month.
December’s surplus also saw China log a 2025 trade surplus of over $1.2 trillion. Of this, $280.35 billion was a surplus with the U.S., customs data showed, indicating that trade between the world’s largest economies remained strong in 2025 despite a bitter trade war between the two earlier in the year.
December’s surplus was driven chiefly by strong exports, which grew 6.6% year-on-year, more than double expectations of 3.0%.
Exports to the U.S. remained robust, as did shipments to Japan, despite a growing diplomatic spat between Beijing and Tokyo.
Chinese imports also blew past expectations in December, indicating that local demand was picking up amid continued policy support from Beijing.
Imports grew 5.7% in December, substantially higher than expectations for a 0.9% rise, and a sharp improvement from the 1.9% increase seen in the prior month.
Wednesday’s data indicated that global demand for Chinese goods remained robust despite a trade tiff with the U.S. and a diplomatic spat with Japan. This trend bodes well for Chinese manufacturers, which have been struggling with high inventory levels for the past three years.