China Current Account

China’s current account surplus soared to $128.7 billion in the second quarter of 2025, slightly below an initial estimate of $135.1 billion, but more than double the $55.5 billion recorded in the same period last year. The goods surplus widened to $219.1 billion from $163.4 billion last year, while the services deficit narrowed to $47.1 billion from $61.7 billion. The primary income shortfall edged down to $47.4 billion from $48.9 billion, and the secondary income surplus rose to $4.1 billion from $2.7 billion. For the first half of 2025, China’s current account recorded a $294.1 billion surplus, underpinned by a $456.7 billion goods surplus, a $106.4 billion services deficit, a $62.9 billion primary income shortfall, and a $6.8 billion secondary income surplus.