A Ninth Year of Record Growth
China's total goods imports and exports reached 45.47 trillion yuan in 2025, the National Bureau of Statistics confirmed — a 3.8% year-on-year increase and the ninth consecutive year of record-breaking trade, despite escalating geopolitical friction, global monetary tightening and a subdued domestic property sector.
2025 Full-Year Trade Performance
| Metric | 2025 Full Year | YoY Change |
|---|---|---|
| Total imports & exports | 45.47 trillion yuan | +3.8% |
| Exports | 26.99 trillion yuan | +6.1% |
| Imports | 18.48 trillion yuan | +0.5% |
| Private enterprise share | 57.3% | +1.8 pp YoY |
| Belt & Road partner share | 51.9% of total | +6.3% YoY |
| High-tech product exports | — | +13.2% |
Structural Highlights
- Private enterprise dominance: Private firms accounted for 57.3% of total trade — up 1.8 percentage points — cementing their role as the primary engine of China's export economy
- Belt & Road milestone: Trade with Belt & Road partner countries surpassed 50% of total trade for the first time, reducing dependence on traditional Western markets
- High-tech export surge: High-tech product exports grew 13.2%, outpacing overall trade growth and reflecting China's structural upgrade toward advanced manufacturing
H1 2026: Accelerating Momentum
The momentum accelerated sharply into 2026: H1 2026 trade reached 25.47 trillion yuan, up 16.9% YoY — the strongest first-half on record and a significant step-up from 2025's pace. If sustained, 2026 could produce China's best full-year trade performance since the post-pandemic rebound of 2021, when global demand surged as lockdowns eased.
Trade Risks on the Horizon
The principal risks to continued growth include: US-China tariff escalation, EU provisional tariffs on Chinese EVs and solar panels, and a potential global growth slowdown. China's response strategy — diversification toward emerging markets, acceleration of domestic innovation, and overseas production to circumvent tariffs — provides some buffer but cannot fully offset a deterioration in Western market access.