China just posted a $125.62 billion trade surplus for June, with exports climbing 20.8% and imports rising 29.4% compared to the same month last year. Those numbers came in right at the top end of analyst forecasts, which had pegged the surplus somewhere between $121 billion and $125 billion.
For context, that’s a significant jump from the $105.43 billion surplus recorded in May. And it continues a trend that saw China rack up roughly $1.2 trillion in total trade surplus for the full year of 2025, powered by $3.8 trillion in exports.
The numbers behind the numbers
The cumulative trade surplus for the first half of 2026 sits at roughly $451.71 billion. That’s actually down from $471.9 billion during the same stretch in 2025. So while individual monthly figures keep hitting impressive marks, the year-over-year trajectory has flattened slightly.
May’s exports had already shown strength at $376.78 billion, representing a 19.4% year-over-year increase. June’s acceleration to 20.8% growth suggests the momentum isn’t fading, it’s building.
