Have US tariffs failed to bite? China’s trade surplus hits a record US$1.2 trillion

By Jiao Wang, Assistant Professor of Economics, University of Sussex Business School, University of Sussex

The numbers are in, and they paint a picture that defies the conventional wisdom of Washington’s trade hawks. In 2025, China’s trade surplus surged to a record high of US$1.2 trillion (£900 billion). In December alone, the surplus reached US$114 billion, driven by a higher-than-expected 6.6% growth in exports and 5.7% growth in imports.

The trade surplus refers to the amount by which Chinese exports outnumber its imports. And far from being strangled by external pressure – in particular from the US under Donald Trump – China’s…

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