China’s trade surplus reached a record high of almost $1.2 trillion last year, government data showed Wednesday, as strong exports to global markets offset slowing sales to the United States.

According to customs authorities, China’s exports rose 5.5% in 2025 to $3.77 trillion, while imports remained largely flat at $2.58 trillion, producing a trade surplus of $992 billion. Exports surged in December, climbing 6.6% compared with the same month in 2024, exceeding economists’ forecasts and surpassing November’s 5.9% increase. Imports in December grew 5.7% year-on-year, up from 1.9% the previous month.

Economists say exports will remain a key driver of China’s economic growth this year despite trade frictions and geopolitical tensions. Jacqueline Rong, chief China economist at BNP Paribas, said, “We continue to expect exports to act as a big growth driver in 2026.”

Exports to the United States have fallen sharply since the start of former President Donald Trump’s trade policies, but China has made up the gap with strong sales to markets in South America, Southeast Asia, Africa, and Europe. Analysts point to robust global demand for computer chips, electronic devices, and the materials used to produce them as major contributors to export growth.

China’s strong trade performance helped its economy grow at a rate close to its official 5% annual target. Policymakers have focused on stimulating domestic consumption and business spending, including programs that offer subsidies to replace older appliances and vehicles with newer, energy-efficient models. However, these measures have had limited impact compared with export-driven growth.

Despite last year’s positive results, Beijing faces a “severe and complex” external trade environment in 2026, according to Wang Jun, vice minister of China’s customs administration. He expressed confidence in the country’s trade outlook, saying China’s “foreign trade fundamentals remain solid.”

In international developments, Brussels published new guidelines allowing Chinese electric vehicle (EV) manufacturers to submit minimum pricing offers, easing previously steep tariffs imposed in response to Beijing’s subsidy programs. The move could mark a significant step toward resolving the EU-China EV trade dispute. Under negotiations, Chinese producers have pledged to raise the prices of battery electric vehicles to create fairer competition with European manufacturers.

China remains the EU’s second-largest trading partner in goods after the United States. Analysts say continued demand for Chinese exports and potential progress in EU trade relations could support China’s trade and economic performance throughout 2026.

The record trade surplus underscores China’s resilience in global commerce, even as trade disputes and economic uncertainties pose ongoing challenges for policymakers.

Shares in Danish energy firm Ørsted rose about 5 percent on Tuesday after a federal court in Washington granted a preliminary injunction allowing construction on the $5 billion Revolution Wind offshore project to resume. The project had been paused under directives issued during the Trump administration.

The US District Court for the District of Columbia issued the order, temporarily halting a 22 December stop-work directive from the Bureau of Ocean Energy Management (BOEM), the Interior Department agency responsible for offshore energy development. The ruling enables Ørsted and its partners to restart construction while the legal dispute over the pause continues.

“The court’s action will allow the Revolution Wind Project to restart impacted activities immediately while the underlying lawsuit progresses,” Ørsted said in a statement. The company added that it would work with the US administration to seek an “expeditious and durable resolution” and that safety remains the top priority as construction resumes.

The lawsuit challenges both the December suspension and an earlier director’s order issued on 22 August, which the developers argued unlawfully disrupted project work. Although the court has not yet ruled on the merits of the case, the injunction removes a major regulatory obstacle, allowing the developers to continue work while litigation proceeds.

Revolution Wind is a 50/50 joint venture between Ørsted, the world’s largest offshore wind developer, and Skyborn Renewables, part of Global Infrastructure Partners. The project is intended to supply affordable and reliable power to the US Northeast, a region increasingly relying on offshore wind to meet climate goals and strengthen grid resilience.

The ruling marks a setback for President Donald Trump, who has repeatedly criticized wind power and pledged to reduce federal support for renewable energy, citing environmental, economic, and permitting concerns. Several previously approved offshore wind projects have faced suspensions or heightened regulatory scrutiny under the current administration.

Ørsted has faced challenges in the US market, including higher financing costs, supply chain pressures, and regulatory uncertainty, which have prompted the company to reassess parts of its North American portfolio. Despite these hurdles, Ørsted has consistently emphasized that offshore wind is essential to long-term decarbonization efforts and meeting growing electricity demand.

Analysts noted that the court decision could have wider implications for the offshore wind sector in the United States, setting a precedent for other projects navigating regulatory obstacles in a politically challenging environment. Investors have viewed Revolution Wind as a key test case for the future of offshore wind development under a more restrictive federal policy.

Construction on the project is expected to resume as soon as possible, signaling renewed momentum for offshore wind in the US and a potential boost to Ørsted’s North American ambitions.

Alphabet, Google’s parent company, has joined an elite group of tech giants to reach a $4 trillion market valuation, becoming the fourth firm to achieve the milestone after Nvidia, Microsoft, and Apple. The milestone reflects soaring investor confidence in artificial intelligence and other digital innovations.

The company’s stock has climbed roughly 75 percent over the past year, including a nearly 7 percent rise since January. Analysts said a key boost came from Apple’s announcement that it will integrate Google’s Gemini AI model into Siri, giving Alphabet a significant vote of confidence in the competitive AI landscape. The financial details of the deal were not disclosed.

Alphabet’s AI strategy has intensified following the success of OpenAI’s ChatGPT. The launch of the Gemini 3 model has received strong reviews, with tests showing 72 percent accuracy on standard benchmarks. The new model offers enhanced capabilities, including the integration of text and graphics in responses and improved coding functionality.

“Alphabet is consistently making smart innovations which should keep them relevant for years to come,” said Danni Hewson, head of financial analysis at AJ Bell. She noted that Google has managed to stay ahead in a sector where some disruptors of the last decade could become today’s disrupted firms.

Unlike emerging AI firms such as OpenAI and Anthropic, Alphabet’s established funding and infrastructure give it a clear advantage. The company has integrated an AI-powered “mode” into its search engine while competing with rivals like Microsoft, which added its Copilot tool to the Edge browser, and OpenAI, which has launched its own web browser.

Legal and regulatory developments have also supported Alphabet’s growth. The company concluded a high-profile US antitrust case in September, allowing it to retain control of its Chrome browser while agreeing to share search data with competitors. The resolution removed a key potential obstacle to further growth. Another trial regarding its ad tech business is ongoing.

Alphabet’s revenue performance across multiple units has contributed to its market cap. In its latest earnings report, Google Cloud revenues rose 34 percent to $15.2 billion, while YouTube advertising revenue grew 15 percent to $10.26 billion. Alphabet has also strengthened its cloud business by supplying AI chips to clients like Anthropic, enabling smaller firms to access high-performance hardware.

“Alphabet is very much a ‘sum of the parts’ story,” said Ben Barringer, head of technology research at Quilter Cheviot. “Search, YouTube, cloud computing, and Waymo all contribute significantly. Stabilising revenues across these units will be key to maintaining momentum.”

Despite the milestone, analysts caution that the stock carries a high valuation relative to earnings expectations. Investors will closely monitor the AI market and Alphabet’s ability to sustain growth across its diverse businesses.