China's Annual Trade Surplus Surpasses $1 Trillion in 2025 Amid Shifts in Export Markets
China's annual trade surplus surpassed $1 trillion for the first time in 2025, reaching an estimated $1.07 trillion through November. In November alone, exports rose 5.9% year-on-year, reversing a 1.1% contraction in October and exceeding forecasts.
Despite this overall growth, exports to the United States fell 28.6% year-on-year in November, with an 11-month US export growth rate of approximately -18.9%. This decline is expected to ease as recent tariff cuts take effect. Meanwhile, exports to the European Union increased by 14.8% year-on-year in November, reflecting a strategic shift toward non-US markets.
By category, November exports showed strong growth with ships rising 26.8%, semiconductors 24.7%, and autos 16.7% year-on-year. Rare earth exports increased 26.5% month-on-month, influenced by accelerated shipments following talks between Xi and Trump.
On the import side, soybean purchases are on track for their best-ever year as China boosts buying from US growers and Latin America.
However, these developments have raised concerns within the European Union about dumping, with French President Macron warning of potential tariffs if China does not address its large trade surplus.
