China Current Account Surplus Widens in Q2

China’s current account surplus surged to an unprecedented $243.8 billion in Q4 2025, up from $173.1 billion a year earlier and above the preliminary estimate of $242.1 billion. The goods surplus reached a historic $310.3 billion, driven by a 6.5% rise in exports to $1.03 trillion, defying US tariffs, while imports grew just 1.9% to $718.2 billion. The secondary income surplus also increased to $6.9 billion from $4.9 billion in Q4 2024. Meanwhile, the services deficit narrowed to $48.5 billion (from $56.1 billion), and the primary income deficit shrank to $24.9 billion (from $36.6 billion). For the full year, the surplus soared to a record $735.0 billion, up from $462.3 billion in 2024.

China’s current account surplus widened to an unprecedented $242.1 billion in the fourth quarter of 2025, sharply higher than the $163.8 billion recorded a year earlier. The goods surplus widened to a record $297.3 billion, as exports climbed 6.4% year-on-year to an all-time high of $996.3 billion, proving resilient despite US tariffs on Chinese shipments, while imports rose at a more modest pace of 1.8% to $699.0 billion. The secondary income surplus also edged up to $6.9 billion from $4.7 billion in the same quarter of 2024. At the same time, China’s services deficit narrowed to $40.2 billion from $47.4 billion a year earlier, while the primary income deficit shrank markedly to $22.0 billion from $43.3 billion. For the full year 2025, China’s current account surplus surged to a record $735.0 billion, up from $423.9 billion in 2024, underscoring the strength of its external position.

China’s current account surplus jumped to a record $198.7 billion in the third quarter of 2025, exceeding an initial estimate of $195.6 billion and up sharply from $157.4 billion in the same period last year. The goods surplus widened to $269.5 billion from $229.7 billion last year, while the services deficit narrowed to $49.3 billion from $58.5 billion. Meanwhile, the primary income shortfall widened to $29.6 billion from $17.8 billion, and the secondary income surplus increased to $8.1 billion, doubling from $4.1 billion a year ago. For the first three quarters of 2025, China’s current account posted a $492.8 billion surplus, with a $726.1 billion goods surplus and a $15.0 billion secondary income surplus, offset by a $155.8 billion services deficit and a $92.5 billion primary income shortfall.