Overview
- Official customs data show December exports rose 6.6% year on year and imports increased 5.7%, producing a $114.1 billion monthly surplus.
- For 2025, exports grew 5.5% while imports were essentially flat, lifting the annual surplus to an unprecedented $1.189 trillion with seven months above $100 billion.
- U.S.-bound shipments fell sharply under higher tariffs from the Trump administration as Chinese firms redirected sales to Southeast Asia, Africa, Latin America and Europe.
- Manufacturing strength, particularly in autos, helped drive results, with overall vehicle exports up 19.4% and pure electric vehicle shipments up 48.8%.
- Beijing has moved to ease trade frictions by scrapping solar export tax rebates and fast-tracking Foreign Trade Law revisions, as the IMF urges a pivot toward stronger domestic demand.