China Posts Record Goods Trade Surplus in Third Quarter

By Wang Shiyu

China recorded a historic high goods trade surplus of $269.5 billion in the third quarter of 2025, data released Wednesday by the State Administration of Foreign Exchange showed.

China’s current account surplus reached $198.7 billion in the period, a 26% increase from a year earlier, according to official data. The services trade deficit narrowed 16% year on year to $49.3 billion, as service revenue rose faster than expenditure. Revenue increased by $11.9 billion, while spending grew by $2.7 billion.

The capital and financial account recorded a deficit of $240.5 billion in the July-to-September period. The non-reserve financial account deficit widened by $86.4 billion year on year to $252.3 billion, mainly due to a record $190.8 billion deficit in securities investment.

Outbound securities investment reached $108.5 billion in the third quarter, up $72.6 billion from a year earlier. Inbound securities investment shifted from a net inflow of $25.5 billion to a net outflow of $82.3 billion.

China’s external financial assets rose 12.6% year on year. Direct investment accounted for nearly 30% of the total, while securities investment assets surged 38% to $1.95 trillion, lifting their share to 17%. Reserve assets remained the largest category at 32%, totaling $3.69 trillion.

On the liabilities side, direct investment made up about half of China’s external obligations, rising 3% to $3.74 trillion, while securities investment liabilities accounted for 31% and climbed nearly 20% to $2.33 trillion.

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