Conjoncture Flash January 2026: Record trade surplus for China in 2025
Despite growing geopolitical and trade tensions, China realised a record surplus on its goods trade balance for 2025. This can be explained by a combination of factors: diversification of outlets for Chinese exports, lacklustre imports due to sluggish domestic demand and circumvention of US customs duties by third countries.
- United States now less attractive
- Household financial assets are becoming more diversified
- Mixed recovery
- Inflation in services still lower than in the eurozone
- Labour market regains appeal
- Lower tax on household income
- Oil markets under renewed pressure
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