China's trade surplus rose +19.7% in 2025, to $1.2 trillion, AN ALL-TIME HIGH.

African exports led the growth, surging +25.8% Y/Y, while Association of Southeast Asian Nations exports rose +13.4%, EU exports increased +8.4%, and Latin American exports grew +7.4%.

Meanwhile, shipments to the US DROPPED -20% Y/Y.

The US makes up only 11.1% of China's exports, falling from 14.7% in 2024, now at one of the lowest levels since the 1990s.