China's annual trade surplus hits a record $1.2 trillion, even as exports to U.S. decline by 20%

China's exports growth in December sharply beat expectations, catapulting the annual trade surplus to a record high, while imports rose at their fastest pace in three months.

Exports surged 6.6% in U.S. dollar terms last month from a year earlier, Chinese customs data showed Wednesday, topping analysts' median estimate for a 3% growth and accelerating from a 5.9% jump in November.

Imports rose 5.7% in December from a year earlier, topping expectations for a 0.9% growth — strongest since September last year when they climbed 7.4%, according to LSEG data.

China's exports for the full year grew 5.5% while imports stayed flat, taking Beijing's trade surplus to $1.19 trillion, up 20% from 2024.