China's trade surplus surged to a record USD 1.19 trillion in 2025, equivalent to the GDP of a top 20 global economy, reflecting robust export growth despite a decline in shipments to the United States. December exports rose 6.6% year-on-year, driven by strong demand from ASEAN countries, the European Union, India, Africa and Latin America. Key export sectors included semiconductors, ships, and automobiles, while products exposed to the US, such as toys, furniture, and footwear, underperformed.
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Imports, which were largely flat for the year, rebounded in December with a 5.7% rise. Growth came from Indonesia, Singapore, India, and the Netherlands, while imports from the US, Malaysia, Canada, and Australia declined. High-tech goods, including automatic data processing equipment and semiconductors, led import growth, while auto, crude oil, steel, and lumber imports fell.
Analysts highlight that China's global competitiveness and industrial strategy have sustained its export-led growth, though rising protectionism abroad remains a risk. The government is simultaneously promoting domestic consumption as a long-term growth engine, leveraging a growing middle class and evolving consumer demand. For 2025, strong external demand played a central role in supporting China's GDP growth, projected at around 5%.
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