China posts strong growth in goods exports and flat import performance for 2025

China Customs values the last year’s goods exports from China at $3.77 trillion. Even with higher barriers to trade, the competitively valued yuan helped lift exports by 5.5 % y-o-y. In addition, the value of goods imports was held in check at $2.58 trillion (the same level as in 2024) by the weak yuan and stagnant domestic economy. Driven by booming exports, the goods trade surplus climbed to a record $1.19 trillion. Taking into account China's services trade deficit, the balance-of-payments figures from the People’s Bank of China for January-November 2025 suggest that the total trade surplus will be slightly over $800 billion.

China's goods exports to the United States last year declined by 20 % y-o-y, while exports to other regions were up strongly, particularly to ASEAN countries (up 13 %). It should be noted, however, that many of the goods exported to ASEAN countries are ultimately consumed in the US or EU, China’s most important final export destinations. China’s exports to the EU last year were also up substantially (8 % y-o-y), as well as Latin America (up 7 %) and Africa (up 26 %). The trends for goods imports from all regions were subdued. Imports from the EU and ASEAN countries remained at the 2024 level. Distinctly fewer goods were imported from the US (down 15 % y-o-y), while slightly more goods came from Africa and Latin America (up 4–6 %).

Although the value of China's total imports showed no increase last year, import volumes of many major commodities increased. The import volume of crude oil grew by more than 4 % y-o-y and pipeline gas by 8 %, while the volume of liquefied natural gas (LNG) declined by 11 % and the volume of coal imports sank by 10 %. In the metal imports category, volumes of iron ore were a couple percent higher than in 2024 due to the pick up towards the end of the year. Copper imports fell by 6 % y-o-y (in chart), while imports of copper ore rose by 8 %. The volume of wood pulp imports increased by about 5 %.

Trends in select commodity imports to China since 2014

Sources: China Customs, Macrobond and BOFIT.