Fact of the Week: China’s Trade Surplus in Goods Surpassed $1 Trillion in the First 11 Months of 2025
Source: Jonathan Cheng, “China’s Trade Surplus Tops $1 Trillion, Underscoring its Export Dominance,” The Wall Street Journal, December 8, 2025.
Commentary: China’s trade surplus has grown from $993 billion in 2024 to $1.08 trillion in the first 11 months of 2025, making it the first country in recorded history to reach the $1 trillion milestone. Exports from China grew by 5.4 percent over the first 11 months of 2025 despite an ongoing trade war with the world's largest economy, the United States. Last month, China’s exports to the United States fell by 29 percent compared to the previous year; however, its total exports for November increased by 5.9 percent. While China’s exports to non-Western markets, including Africa, Latin America, and Southeast Asia, have grown considerably over the past year, the largest surge in Chinese exports was directed toward the EU, which saw imports of Chinese goods increase by 15 percent compared to the previous year. Much of this growth can be attributed to China’s mercantilist economic practices, including currency manipulation. In 2025, the value of the yuan fell by 10 percent relative to the euro, making Chinese goods cheaper for consumers and businesses.
