China has reported the largest trade surplus in global history, underlining the resilience of its export machine despite a year of disruption caused by Donald Trump’s tariffs and trade brinkmanship.
Official figures released in Beijing show China recorded a full-year trade surplus of $1.19 trillion (£890bn) in 2025, the first time the country’s surplus has exceeded the $1tn mark. The figure comfortably surpassed the previous record of $993bn set in 2024.
Monthly data highlights the scale of China’s export dominance. Export surpluses exceeded $100bn in seven separate months last year, suggesting that while trade with the United States weakened, Chinese exporters were able to redirect goods to other markets with remarkable speed.
Trade flows to South East Asia, Africa and Latin America rose sharply, offsetting the impact of tariffs imposed by Washington. Exports to Europe also held up better than many analysts expected, reinforcing Beijing’s long-standing argument that the US is now just one of many destinations for Chinese goods.
Wang Jun, deputy director of China’s customs authority, described the figures as “extraordinary and hard-won” given what he called “profound changes” in the global trade environment. He pointed to strong growth in exports of green technology, artificial intelligence-related products and robotics as key drivers.
The ballooning surplus also reflects weakness at home. China’s domestic economy continues to be weighed down by a prolonged property downturn and rising debt levels, leaving businesses cautious about investing and households reluctant to spend. Imports rose by just 0.5% over the year, limiting demand for foreign goods and widening the surplus further.
A weaker yuan, combined with strong manufacturing capacity and higher inflation in Western economies, has also made Chinese exports more competitive on price, particularly in emerging markets.
For policymakers in Beijing, the data offers reassurance that China’s export sector remains globally embedded even as relations with Washington remain strained. However, officials were careful to strike a note of caution. Wang warned that the external environment remains uncertain, with growing resistance from trading partners concerned about being flooded with low-priced Chinese goods.
Those concerns are already translating into political pressure. Several countries have raised alarms over domestic industries struggling to compete with Chinese imports, and further trade defences may follow.
The figures come after a turbulent year in global trade. In April last year, Trump announced sweeping tariffs on goods from more than 90 countries, with China facing some of the harshest measures. A brief escalation saw threats of triple-digit tariffs before tensions eased following a meeting between Trump and Xi Jinping in South Korea in October.
While the most extreme measures were paused, a range of tariffs remains in place, continuing to suppress Chinese exports to the US. Businesses on both sides are now bracing for further volatility as trade policy once again becomes a central tool of geopolitical strategy.
