Chine Balance Commerciale

China posted a record USD 1.189 trillion trade surplus in 2025, with exports rising 5.5% while imports were flat. Faced with Trump's tariffs, Chinese exporters shifted production away from the US market and toward alternative destinations, particularly the EU and Southeast Asia. In December alone, the surplus reached USD 114.1 billion, marking the seventh time monthly surpluses exceeded USD 100 billion last year. Exports grew by 6.6% yoy, after a 5.9% in November, surpassing expectations of 3.0% growth, marking the fastest pace since September, driven by a surge in exports to non-US markets, as governments have sought to diversify export destinations since Trump’s victory in the November 2024 presidential election and to deepen trade ties with ASEAN and the EU. Meanwhile, imports rose 5.7% yoy, beating expectations of 0.9% and marking the fastest pace in six months. China’s trade surplus with the US fell to USD 23.25 billion in December, down from USD 23.74 billion in November.