China Current Account Surplus Hits Record High

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.

China’s current account surplus jumped to a record USD 195.6 billion in the third quarter of 2025, up from USD 157.4 billion in the same period last year, according to preliminary estimates. The goods trade surplus increased to USD 269.5 billion from USD 229.7 billion, while the services deficit narrowed to USD 49.4 billion from USD 58.5 billion. The primary income deficit widened to USD 32.6 billion from USD 17.8 billion, and the secondary income surplus rose to USD 8.1 billion from USD 4.1 billion in the same period of 2024.