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State Administration of Foreign Exchange figures show the goods surplus expanded to $278.9 billion in the April-to-June period from $219.1 billion in the corresponding quarter of 2025. Credits in the goods account increased by 26.2 percent to $1.1 trillion while debits rose 25.8 percent to $821.5 billion. The foreign exchange regulator noted that higher prices for exported commodities supported turnover even as slowing domestic demand pushed manufacturers toward foreign markets. Goods imports were managed through inventory drawdowns rather than new purchases despite rising oil costs related to regional conflicts, the data indicated.
Services registered a widened deficit of $52.4 billion compared with $47.1 billion previously, according to the same statistics. Primary income posted a smaller deficit of $37.6 billion against $47.4 billion while secondary income delivered a surplus of $6.3 billion, up from $4.1 billion a year ago. These components combined to produce the headline current account surplus that exceeded initial forecasts of approximately $150 billion and topped the $184.3 billion recorded in the first quarter.
A Bank of Finland Institute for Emerging Economies review placed China’s full-year 2025 current account surplus at $735 billion, or 3.8 percent of gross domestic product. That period saw a financial account deficit of $774 billion, the assessment found. Such external balances reflect ongoing patterns in China’s integration with global markets.
The State Administration of Foreign Exchange publishes quarterly balance of payments updates drawing from customs data, banking records and enterprise surveys. Earlier data for 2022 showed a second-quarter surplus of $80.2 billion in U.S. dollar terms, according to a Xinhua report at the time. The latest expansion occurs against a backdrop of evolving global trade conditions and domestic economic adjustments.
Economists monitor these figures for signals on currency policy and capital flows, Trading Economics data compilations indicate. The preliminary Q2 release provides an initial snapshot with final revised numbers to follow in subsequent publications by the regulator. Additional breakdowns on investment income and transfers were included in the dataset released in mid-August.
