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China’s current account surplus surged to a record USD 165.6 billion in the first quarter of 2025, up sharply from USD 47.2 billion in the same period last year, according to preliminary estimates. The goods trade surplus rose significantly to USD 237.6 billion from USD 125.1 billion, driven by a 9.4% increase in exports to USD 825.9 billion and a 6.6% decline in imports to USD 588.3 billion. Meanwhile, the services deficit narrowed slightly to USD 59.3 billion from USD 61.3 billion, and the primary income deficit decreased to USD 15.4 billion from USD 20.1 billion. The secondary income surplus remained relatively stable at USD 2.7 billion, compared with USD 3.5 billion a year earlier.