China reports record $US1.2 trillion trade surplus despite Trump trade war

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Daily News Brief

Summary

China achieved a record annual trade surplus of $1.189 trillion in 2025, despite ongoing trade tensions with the US under President Trump. Exporters successfully diversified markets to Southeast Asia, Africa, and Latin America, offsetting a significant decline in US-bound shipments. This surplus, comparable to the GDP of a top-20 global economy, is supporting China’s economy amid weak domestic demand but risks increasing international friction over trade practices and industrial overcapacity.

Key Points

  • Record Surplus: China’s 2025 trade surplus hit a historic $1.189 trillion, breaking the trillion-dollar ceiling.
  • Market Diversification: Exports to the US fell sharply (-20%), but surged to Africa (+25.8%), ASEAN (+13.4%), and the EU (+8.4%).
  • Economic Driver: Strong exports help counterbalance a prolonged property slump and sluggish domestic consumption.
  • Policy Stance: Analysts expect macro policy to remain unchanged in Q1, supported by export resilience and stable US-China relations.
  • Industrial Shifts: Companies are establishing overseas hubs to bypass tariffs, and sectors like auto exports (up 19.4%, with EVs up 48.8%) are booming.
  • Growing Concerns: Beijing shows awareness of trade imbalances, with leaders calling for more balanced trade and removing some export subsidies (e.g., for solar).
  • Ongoing Tensions: Despite a tariff truce, US duties on Chinese goods remain high (~47.5%), and Trump’s recent tariff threats risk reopening trade disputes.

每日新闻简报

摘要

尽管在特朗普总统任内持续面临对美贸易紧张局势，中国在2025年仍实现了1.189万亿美元的创纪录年度贸易顺差。出口商成功将市场多元化，转向东南亚、非洲和拉丁美洲，抵消了对美出口的大幅下滑。这一顺差规模堪比全球前20大经济体的GDP，在中国国内需求疲软之际支撑了经济，但也可能因中国的贸易行为和工业产能过剩问题加剧国际摩擦。

关键要点

  • 创纪录顺差：中国2025年贸易顺差达到历史性的1.189万亿美元，首次突破万亿美元大关。
  • 市场多元化：对美出口大幅下降（-20%），但对非洲（+25.8%）、东盟（+13.4%）和欧盟（+8.4%）的出口激增。
  • 经济驱动力：强劲的出口有助于抵消长期的房地产低迷和疲软的国内消费。
  • 政策立场：分析师预计，在出口韧性和稳定的中美关系支持下，第一季度宏观政策将保持不变。
  • 产业转移：企业正在海外建立生产中心以规避关税，汽车等行业出口蓬勃发展（总出口增长19.4%，其中纯电动汽车增长48.8%）。
  • 日益增长的担忧：北京方面显示出对贸易失衡的认识，领导人呼吁推动进出口平衡发展，并取消了部分出口补贴（如太阳能行业）。
  • 持续紧张：尽管有关税休战，美国对中国商品关税仍居高不下（约47.5%），特朗普近期的关税威胁可能重燃贸易争端。

Original Article Link: https://www.abc.net.au/news/2026-01-14/china-recorded-us-1-2-trillion-trade-surplus-in-2025/106229232

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