China's Biggest Trade Surplus Partners in 2025

China’s trade surplus hit a record high of 1.19 trillion in 2025, defying expectations that renewed tariff threats and escalating trade tensions with the United States would meaningfully curb its external position.

Despite mounting pressure from Washington and growing scrutiny of China’s export-led growth model, outbound shipments remained resilient, pushing the surplus to historic levels.

Trade occurred in a very complex environment with slowing growth across advanced economies, trade-related uncertainty, and renewed protectionist outlook. In this context, China’s manufacturing scale, price competitiveness, and deep integration into regional supply chains have continued to support export performance.

Based on preliminary customs data, this chart highlights China’s largest trade surplus partners in 2025, ranking economies where exports exceeded imports by the widest margins.

Key takeaways from the data are:

• Hong Kong and the U.S. dominate China’s trade surplus, reflecting the role of re-export hubs and large consumer markets in sustaining Chinese export volumes even amid renewed tariff threats.
• Asian economies feature prominently - collectively accounting for a substantial share of China’s surplus, reflecting the growing importance of regional trade and supply-chain integration.
• European partners contribute multiple mid-sized surpluses rather than a single dominant market.
• Looking ahead, attention will focus on whether China’s record trade surplus can be sustained amid the threat of higher tariffs, particularly as the U.S. signals a tougher stance on trade enforcement.

Note: Values in US$ bn. Data for 2025 (preliminary). Hong Kong figures largely reflect re-exports and transshipment trade.

Source: General Administration of Customs, China (December release).

Access Data: http://english.customs.gov.cn/Statics/3a0a3d5b-7a93-4be7-876a-e0f3b79b4e8c.html