China’s current account surplus expanded to an unprecedented $242.1 billion in the fourth quarter of 2025, up sharply from $163.8 billion a year earlier. The goods surplus widened to a record $297.3 billion, as exports rose 6.4% year-on-year to an all-time high of $996.3 billion, demonstrating resilience despite US tariffs on Chinese products, while imports grew at a more moderate 1.8% to $699.0 billion.
The secondary income surplus also increased, reaching $6.9 billion compared with $4.7 billion in the fourth quarter of 2024. At the same time, the services deficit narrowed to $40.2 billion from $47.4 billion, and the primary income deficit was sharply reduced to $22.0 billion from $43.3 billion a year earlier.
For the full year 2025, China’s current account surplus surged to a record $735.0 billion, up from $423.9 billion in 2024, underscoring the continued strength of the country’s external position.
