China’s trade surplus hits record $1.2tn as exporters sidestep US tariff war

China posted a record trade surplus of nearly $1.2 trillion in 2025, underlining how its exporters managed to reroute around US tariffs rather than buckle under them.

Customs data released on Wednesday showed exports rose 5.5 percent last year to $3.77 trillion, even as trade with the United States slowed amid President Donald Trump’s aggressive tariff push. Imports were broadly flat at $2.58 trillion, producing a surplus of $1.19 trillion, up sharply from $992bn in 2024.

The figures point to a clear pivot. Faced with a tougher US market, Chinese companies expanded sales across Southeast Asia, Africa, Latin America and Europe, more than offsetting lost ground in the US.

One notable exception was Russia. Trade between Beijing and Moscow fell for the first time in five years, retreating from a 2024 peak as Russian demand for Chinese cars cooled and the value of Chinese imports of Russian crude oil declined. China has been a crucial economic backstop for Russia since Western sanctions were imposed over the war in Ukraine.

“The momentum for global trade growth looks to be insufficient, and the external environment for China’s foreign trade development remains severe and complex,” Wang Jun, a vice minister at China’s customs administration, said at a briefing.

Still, he added that with more diversified partners, China’s “ability to withstand risks has been significantly enhanced”, and the fundamentals of foreign trade remain “solid”.

Strong global demand for semiconductors, electronics and the materials that go into them helped prop up exports, analysts said.

The momentum was evident at the end of the year. In December, exports rose 6.6 percent year-on-year in dollar terms, beating expectations and accelerating from November’s 5.9 percent growth. Imports also picked up, rising 5.7 percent year-on-year, compared with 1.9 percent the month before.

China’s surplus crossed the $1 trillion threshold for the first time in November, reaching $1.08 trillion in the first 11 months of the year.