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China’s current account surplus soared to a record $243.8 billion in Q4 2025, up from $173.1 billion a year earlier and slightly above the preliminary estimate of $242.1 billion. The goods surplus climbed to an all-time high of $310.3 billion, powered by a 6.5% increase in exports to $1.03 trillion, despite ongoing US tariffs, while imports rose a modest 1.9% to $718.2 billion.
The surplus in secondary income widened to $6.9 billion, compared with $4.9 billion in Q4 2024. At the same time, the services deficit narrowed to $48.5 billion from $56.1 billion, and the primary income deficit decreased to $24.9 billion from $36.6 billion.
For the full year 2025, the current account surplus surged to a historic high of $735.0 billion, up sharply from $462.3 billion in 2024.