Overview
- Customs data show a full‑year surplus of about $1.19–$1.2 trillion, with exports up 5.5% to $3.77 trillion and December shipments rising 6.6% year on year.
- Exports to the United States fell roughly 20% under higher tariffs, offset by stronger sales to ASEAN, Africa, the European Union and Latin America.
- Higher‑value manufacturing led the gains, including autos with overall exports up about 19% and pure EV shipments jumping 48.8%.
- Authorities scrapped export tax rebates for solar products and rushed through Foreign Trade Law revisions, and leaders have called for expanding imports.
- People’s Bank of China figures indicate foreign‑exchange reserves rose by roughly $160 billion in 2025, underscoring a limited translation of the surplus into dollar reserves.