Overview
- Customs data show exports rose 5.5% to $3.77 trillion in 2025 as imports held near $2.58 trillion, lifting the annual surplus to roughly $1.19–$1.2 trillion.
- Shipments to the United States fell about 20% for the year, offset by gains to Africa (+26%), ASEAN (+13%), the European Union (+8%) and Latin America (+7%).
- High‑technology goods and vehicles led the outflow, with auto exports up around 21% to more than 7 million units, according to the industry association.
- December reinforced the trend with exports up 6.6% year on year and imports up 5.7%, after the cumulative surplus first exceeded $1 trillion in November.
- Following tariff escalations under President Trump, an October Trump–Xi truce reduced newly announced duties to 20%, while the IMF urged China to rebalance as a prolonged property slump weighs on consumer demand and partners consider protective measures.