Merchandise Trade Balance in China
The merchandise trade balance in China averaged USD 593 billion in the decade to 2024. The 2024 reading was USD 991 billion. For more information on trade, visit our dedicated page.
China Trade Chart
Note: This chart displays Trade Balance (USD billion) for China from 2024 to 2023.
Source: Macrobond.
China Trade Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Merchandise Trade Balance (USD bn) | 524 | 670 | 838 | 822 | 993 |
Merchandise exports increase in August
Latest reading: Merchandise exports increased 4.4% year-on-year in August (July: +7.2% year-on-year). The figure marked the softest expansion since February and was slightly below market expectations. Plunging exports to the U.S. partly offset strong sales to the Asia-Pacific region. Meanwhile, merchandise imports increased 1.3% over the same month last year in August (July: +4.1% yoy). As a result, the merchandise trade balance improved from the previous month, recording a USD 102.3 billion surplus in August (July 2025: USD 98.2 billion surplus; August 2024: USD 91.6 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 1165.8 billion surplus in August, compared to the USD 1155.0 billion surplus in July.
Panelist insight: United Overseas Bank’s Ho Woei Chen said: “Exports remained supported by demand from non-US markets whereas shipments to the US contracted for the 5th consecutive month since Apr. US remained the worst performing market for Chinese exports with the decline widening to -33.1% y/y in Aug from -21.7% y/y in Jul. US tariff policy has continued to drive the diversification of supply chains outside of China while demand for Chinese exports have been diverted to markets including those in ASEAN such as Vietnam and Thailand.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Chinese trade projections for the next ten years from a panel of 10 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable trade forecast available for Chinese trade.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Chinese trade projections.
Want to get access to the full dataset of Chinese trade forecasts? Send an email to info@focus-economics.com.
Latest Global Trade News
-
Peru: Merchandise trade surplus narrows in July Latest reading: In July, the trade balance was USD +2.1 billion, following a USD +2.5 billion reading in the prior... -
China: Merchandise exports increase in August Latest reading: Merchandise exports increased 4.4% year-on-year in August (July: +7.2% year-on-year). The figure marked the softest expansion since February... -
Taiwan: Merchandise exports continue to surge in August Latest reading: Merchandise exports soared 34.1% over the same month last year in August, on the heels of July’s 42.0%... -
Vietnam: Merchandise exports increase in August Latest reading: Merchandise exports growth cooled to 14.8% in year-on-year terms in August from July’s 16.7% increase as front-loading activities... -
Korea: Merchandise exports rise at a slower rate in August Latest reading: Merchandise exports increased 1.3% year on year in August (July: +5.8% yoy). This was less than half market... -
Philippines: Merchandise exports grow at a more moderate pace in July Latest reading: Merchandise exports jumped 17.3% in annual terms in July (June: +26.9% year-on-year). Meanwhile, merchandise imports expanded 2.3% on... -
Thailand: Merchandise exports growth slows in July Latest reading: Merchandise exports climbed 9.6% year on year in July, on the heels of June’s 16.0% upturn. The figure...