According to data from Chinese customs cited by Japanese media, 45% of China’s trade surplus in the first eleven months of 2025 came from Belt and Road countries, a year-on-year increase of 16% and a record high. The share of China’s surplus from the US dropped to 24%.
Nikkei Chinese Edition analyzed the General Administration of Customs’ monthly import and export figures, finding that from January to November 2025, China’s exports to Belt and Road countries grew by 11.6% year-on-year, outpacing the overall export growth rate of 5.4%.
China’s trade surplus with Belt and Road countries reached approximately 480 billion USD (1.95 trillion ringgit) from January to November 2025, accounting for 45% of its total surplus. This marks a 16% increase from 2024, and is the highest proportion since the Belt and Road Initiative was proposed in 2013.
As US-China trade tensions intensified last year, China boosted exports to countries and regions outside the US. China’s dependence on the US further declined, and the trade surplus with the US continued to shrink. The US accounted for just 24% of China’s total surplus in the first eleven months of 2025, a drop of more than 10% from 2024. This figure exceeded 90% in 2018 but has been on the decline since then.