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China's trade surplus surged to USD 170.52 billion in January-February 2025, up from USD 125.16 billion in the same period a year earlier, exceeding market expectations of USD 142.4 billion. The sharp increase was largely driven by an unexpected 8.4% year-on-year tumble in imports, the steepest decline since July 2023, amid weakening domestic demand at the start of the year. Meanwhile, exports grew 2.3%, falling short of the expected 5.0% and slowing significantly from December’s 10.7% surge. The trade surplus with the US reached USD 49.05 billion, with exports and imports rising by 2.3% and 2.4%, respectively. For 2024, China recorded a surplus of USD 992.16 billion, as exports grew 5.9% to USD 3.58 trillion, while imports rose at a more modest 1.1% to USD 2.59 trillion. China's customs agency releases combined trade data for January and February to mitigate distortions from the varying dates of the Lunar New Year, which occurred between January 28 and February 4 this year.