智通财经APP获悉，12月31日，国家外汇管理局公布2025年三季度及前三季度我国国际收支平衡表。 2025年三季度，我国经常账户顺差14165亿元，资本和金融账户逆差17144亿元。2025年前三季度，我国 经常账户顺差35291亿元，资本和金融账户逆差37080亿元。 按SDR计值，2025年三季度，我国经常账户顺差1452亿SDR，资本和金融账户逆差1757亿SDR。按SDR 计值，2025年前三季度，我国经常账户顺差3661亿SDR，资本和金融账户逆差3833亿SDR。 本文编选自"国家外汇管理局"官网，智通财经编辑：刘家殷。 按美元计值，2025年前三季度，我国经常账户顺差4928亿美元，其中，货物贸易顺差7261亿美元，服务 贸易逆差1558亿美元，初次收入逆差925亿美元，二次收入顺差150亿美元。资本和金融账户逆差5181亿 美元，其中，资本账户逆差1亿美元，金融账户逆差5180亿美元。 按美元计值，2025年三季度，我国经常账户顺差1987亿美元，其中，货物贸易顺差2695亿美元，服务贸 易逆差493亿美元，初次收入逆差296亿美元，二次收入顺差81亿美元。资本和金融账户逆差2405亿美 元 ...

Core Insights - The European Union (EU) reported a trade surplus of 40.8 billion euros with the United States in Q3, a decrease of 13.3% from the surplus of 47.1 billion euros in Q2 and a significant drop of 49.7% compared to the surplus of 81.2 billion euros in Q1 [1][2] Trade Performance - In Q1, the trade performance was notably strong due to anticipated U.S. tariff increases, leading to a significant rise in EU exports to the U.S. [2] - In Q3, the EU maintained a trade surplus with the U.S. in chemicals and related products, machinery and vehicles, other manufactured goods, and food and beverages, while experiencing a deficit in energy, raw materials, and other goods [2] Energy Imports - Following the outbreak of the Russia-Ukraine conflict, the EU significantly increased its energy imports from the U.S., resulting in a higher growth rate of imports from the U.S. compared to other global regions [2] Trade Agreement Challenges - The EU had hoped that a trade agreement reached in July with the U.S. would alleviate trade tensions, but this has not materialized as expected [2] - The European Commission is seeking a reduction in U.S. tariffs on steel and aluminum, as well as exemptions for various goods, including alcoholic beverages and medical devices [2] - U.S. Secretary of Commerce Gina Raimondo linked the reduction of steel and aluminum tariffs to the EU's adjustment of its technology industry regulatory framework, raising concerns within the EU about the potential hollowing out of the trade agreement [2]

Core Points - The European Union's trade surplus with the United States has been declining in the second and third quarters of this year [1] Group 1: Trade Surplus Data - The trade surplus of the EU with the US in the third quarter was 40.8 billion euros, a decrease of 13.3% from the second quarter's surplus of 47.1 billion euros [1] - The surplus has significantly shrunk by 49.7% compared to the first quarter's surplus of 81.2 billion euros [1]

Core Viewpoint - The State Administration of Foreign Exchange of China reported a preliminary balance of international payments for the first three quarters of this year, indicating a significant current account surplus. Group 1: Current Account Overview - In the first three quarters of this year, China's current account surplus reached 35,074 billion yuan [1] - The surplus in goods trade was 52,015 billion yuan, while the service trade recorded a deficit of 11,166 billion yuan [1] - The primary income deficit was 6,844 billion yuan, and the secondary income surplus was 1,069 billion yuan [1] Group 2: USD Valuation - In USD terms, the current account surplus for the first three quarters of 2025 was 4,898 billion USD [1] - The goods trade surplus amounted to 7,262 billion USD, with a service trade deficit of 1,558 billion USD [1] - The primary income deficit was 955 billion USD, and the secondary income surplus was 149 billion USD [1]

Core Viewpoint - The State Administration of Foreign Exchange of China reported a preliminary balance of international payments for the first three quarters of this year, indicating a significant current account surplus. Group 1: Current Account Overview - In the first three quarters of this year, China's current account surplus reached 35,074 billion yuan [1] - In USD terms, the current account surplus amounted to 4,898 million USD [1] Group 2: Trade Balance - The goods trade surplus was 52,015 billion yuan, while the services trade recorded a deficit of 11,166 billion yuan [1] - In USD, the goods trade surplus was 7,262 million USD, and the services trade deficit was 1,558 million USD [1] Group 3: Income Balance - The primary income recorded a deficit of 6,844 billion yuan, while the secondary income showed a surplus of 1,069 billion yuan [1] - In USD, the primary income deficit was 955 million USD, and the secondary income surplus was 149 million USD [1]

Core Points - In Q2 2025, China's current account surplus was 925.2 billion yuan, while the capital and financial account recorded a deficit of 984.2 billion yuan [1] - For the first half of 2025, the current account surplus reached 21,126 billion yuan, with a capital and financial account deficit of 19,936 billion yuan [1] - In USD terms, the current account surplus for Q2 2025 was 128.7 billion USD, driven by a goods trade surplus of 219.1 billion USD and a services trade deficit of 47.1 billion USD [1] - The capital and financial account deficit in USD for Q2 2025 was 137 billion USD, with a capital account deficit of 1 million USD and a financial account deficit of 136.9 billion USD [1] - For the first half of 2025, the current account surplus in USD was 294.1 billion USD, with a goods trade surplus of 456.7 billion USD and a services trade deficit of 106.4 billion USD [1] - The capital and financial account deficit in USD for the first half of 2025 was 277.6 billion USD, with a capital account deficit of 1 million USD and a financial account deficit of 277.5 billion USD [1] SDR Valuation - In Q2 2025, the current account surplus was 94.9 billion SDR, while the capital and financial account recorded a deficit of 100.8 billion SDR [2] - For the first half of 2025, the current account surplus was 220.9 billion SDR, with a capital and financial account deficit of 207.6 billion SDR [2]

Core Insights - The State Administration of Foreign Exchange released preliminary data on China's balance of payments for the first half of 2025, indicating a current account surplus of 21,589 billion yuan [1] Trade Balance - The goods trade surplus amounted to 32,798 billion yuan, while the services trade recorded a deficit of 7,604 billion yuan [1] - The primary income deficit was 4,089 billion yuan, and the secondary income surplus was 485 billion yuan [1] USD Valuation - In USD terms, the current account surplus for the first half of 2025 was 300.6 billion USD, with a goods trade surplus of 456.6 billion USD [1] - The services trade deficit in USD was 105.9 billion USD, while the primary income deficit was 56.9 billion USD, and the secondary income surplus was 6.7 billion USD [1]

Group 1 - The core viewpoint of the article highlights the international balance of payments data for goods and services trade in China for June 2025, showing a significant increase in trade volume compared to the previous year [1] Group 2 - In June 2025, China's total goods and services trade reached 42,214 billion yuan, marking a year-on-year growth of 6% [1] - The goods trade exports amounted to 21,185 billion yuan, while imports were 15,112 billion yuan, resulting in a surplus of 6,073 billion yuan [1] - The services trade saw exports of 2,437 billion yuan and imports of 3,480 billion yuan, leading to a deficit of 1,043 billion yuan [1] - Major components of services trade included transportation services with a trade volume of 1,639 billion yuan, travel services at 1,603 billion yuan, other commercial services at 967 billion yuan, and telecommunications, computer, and information services at 659 billion yuan [1] - In dollar terms, the goods and services trade exports were valued at 32.92 billion USD, imports at 25.91 billion USD, and the surplus was 7.01 billion USD [1]

Core Viewpoint - The article discusses the growth of China's goods trade surplus and current account surplus, highlighting the impact of economic structure optimization, competitive manufacturing, and recovering external demand on these surpluses [2]. Group 1: Goods Trade Surplus Growth - China's goods trade surplus is a result of deep participation in global industrial division and cyclical fluctuations in external demand [3]. - The long-term surplus is influenced by the global shift in industrial chains, with labor-intensive industries moving to developing countries, while developed nations focus on higher-end products and services [3]. - In 2024, China's goods trade surplus is projected at $768 billion, with foreign-invested enterprises accounting for 27% of total exports, and processing trade surplus contributing 21% to the overall trade surplus [3]. Group 2: External Demand Fluctuations - External demand has shown significant volatility, influenced by global economic developments and international financial market fluctuations [4]. - From 2020 to 2022, major developed economies' quantitative easing led to a 12% annual growth in China's exports, while tightening monetary policies in 2023 resulted in a 5% decline [4]. - A rebound in global manufacturing and semiconductor consumption is expected to drive a 7% increase in exports in 2024 [4]. Group 3: Current Account Balance - The current account is a comprehensive indicator of a country's internal and external economic balance, considering factors like service trade and investment income [6]. - China's current account surplus is projected at $423.9 billion in 2024, reflecting a 45% reduction compared to the goods trade surplus alone [6]. - The current account surplus to GDP ratio is expected to be 2.2% in 2024, indicating a stable economic balance compared to other countries like Japan and Germany [7]. Group 4: Future Outlook - The development of trade surpluses is closely linked to domestic economic adjustments, global supply chain layouts, and changes in internal and external demand [8]. - With ongoing policies to stabilize foreign trade and domestic demand, China's exports and imports are anticipated to maintain steady growth, keeping trade and current account surpluses within reasonable ranges [8].