SAFE Releases Preliminary Data of the Balance of Payments for the Second Quarter and the First Half of 2025
In the second quarter of 2025, China's current account registered a surplus of RMB 971.5 billion, including a surplus of RMB 1575.1 billion under trade in goods, a deficit of RMB 334.5 billion under trade in services, a deficit of RMB 297.8 billion under primary income and a surplus of RMB 28.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 971.5 billion. Inward foreign direct investments (FDI) continued the net inflow.
In the first half of 2025, China's current account registered a surplus of RMB 2158.9 billion, including a surplus of RMB 3279.8 billion under trade in goods, a deficit of RMB 760.4 billion under trade in services, a deficit of RMB 408.9 billion under primary income, and a surplus of RMB 48.5 billion under secondary income.The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of RMB 1981.0 billion.
In the US dollar terms, in the second quarter of 2025, China's current account registered a surplus of USD 135.1 billion, including a surplus of USD 219.1 billion under trade in goods, a deficit of USD 46.5 billion under trade in services, a deficit of USD 41.4 billion under primary income and a surplus of USD 4.0 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 135.1 billion.
In the US dollar terms, in the first half of 2025, China's current account recorded a surplus of USD 300.6 billion, including a surplus of USD 456.6 billion under trade in goods, a deficit of USD 105.9 billion under trade in services, a deficit of USD 56.9 billion under primary income, and a surplus of USD 6.7 billion under secondary income.The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of USD 275.8 billion.
In SDR terms, in the second quarter of 2025, China's current account registered a surplus of SDR 99.6 billion, including a surplus of SDR 161.5 billion under trade in goods, a deficit of SDR 34.3 billion under trade in services, a deficit of SDR 30.5 billion under primary income and a surplus of SDR 2.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 99.6 billion.
In SDR terms, in the first half of 2025, China posted a surplus of SDR 225.7 billion under the current account, including a surplus of SDR 342.5 billion under trade in goods, a deficit of SDR 79.6 billion under trade in services, a deficit of SDR 42.3 billion under primary income and a surplus of SDR 5.0 billion under secondary income.The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of SDR 206.5 billion.(End)







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