China Current Account Surplus Widens in Q1 2026

China’s current account surplus widened to $184.1 billion in Q1 2026, up from $163.6 billion in the same period last year, according to preliminary estimates. The goods surplus remained nearly flat at $247.4 billion, as exports rose 12.2% while imports surged 17.2%. The secondary income surplus increased to $3.9 billion from $2.9 billion. Meanwhile, the services deficit narrowed to $59.6 billion from $71.6 billion, and the primary income deficit shrank to $7.5 billion from $14.8 billion.

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.