Overview
- Customs data show exports rose 5.5% to $3.77 trillion and imports were about $2.58 trillion, producing a $1.189 trillion surplus for the year.
- December shipments beat forecasts with exports up 6.6% and imports up 5.7%, and the monthly surplus exceeded $100 billion seven times in 2025.
- U.S.-bound exports fell about 20% for the year as Chinese firms expanded sales to ASEAN (+13.4%), Africa (~25.8%) and the European Union (~8.4%).
- Officials have signaled rebalancing efforts with calls to proactively expand imports, the removal of some export tax rebates for solar products, and accelerated Foreign Trade Law revisions.
- Economists expect exports to remain a key growth driver in 2026 despite tariff risks, with sector strength highlighted by auto exports up 19.4% to 5.79 million and pure EV shipments up 48.8%.