How did China amass its $1 tn trade surplus?

Despite steep US tariffs, China's exports have kept growing. In the first Il months of 2025, its goods trade surplus topped $1 trillion, a level not seen before. Mint explains how Beijing managed this record-breaking run, and what it means for India and the rest of the world.

- BY N. MADHAVAN

Export surge

China's trade surplus crossed $1 trillion for the first time this year.

1 How are China's exports faring?

In the first 11 months of 2025, China's exports showed surprising resilience and grew 5.7% notwithstanding the steep 47.5% average tariff imposed by the US, China's top trade partner. While its US exports fell 18% during the period, Chinese manufacturers managed to hike their sales in other markets. Shipments to Europe grew 9% while that to Southeast Asia and Africa rose 15% and 27%, respectively. According to Goldman Sachs, 70% of China's extra exports this year to Southeast Asian nations represented indirect exports to the US through third countries such as Indonesia, Malaysia and the Philippines.

2 Why are imports in sluggish in China?