Beijing on Wednesday reported the world's largest-ever trade surplus - the value of goods and services sold overseas compared to its imports - at $1.19tn (£890bn). It's the first time China's full-year trade surplus has passed $1tn, beating 2024's record figure of $993bn. China's monthly export surpluses passed $100bn seven times last year - a sign that Trump's tariff campaign have barely affected its overall trade with the rest of the world.

Trade with the US did weaken, but this was made up for by a rise in Chinese exports elsewhere, especially to South East Asia, Africa and Latin America. Wang Jun, the deputy director of China's customs, said during a press conference on Wednesday that the figures are "extraordinary and hard-won" given the "profound changes" and challenges in global trade.

He noted a rise in exports of green technology, artificial intelligence-related products and robotics. The huge surplus can be explained by strong overseas demand for Chinese goods as trade with global partners including South Asian countries and others in Africa and Europe grew, as well as a weak domestic market. China's economy has been weighed by a property crisis and rising debt, which has made businesses more hesitant to invest and consumers cautious about spending. As a result, there is less of a need to import goods, and imports rose by just 0.5%, according to the new figures. Meanwhile, a weaker yuan, a strong supply of goods and inflation in Western countries have also made Chinese exports more attractive. The results are a "mixed blessing" for Beijing, said trade policy analyst Deborah Elms from the Hinrich Foundation.

China has benefited from sales and more jobs created from its business abroad, but its goods could face "greater scrutiny" from foreign markets that are under pressure to compete with its products, she said. China's success will likely continue in 2026 as Chinese goods and services become more deeply entrenched into global businesses, said Elms. These latest figures will be seen in Beijing as a sign that China has customers all around the world, besides the US, but Wang warned that China faces an uncertain external environment. (BBC)