China current account Q1 2026: $184.1 billion surplus announced

China recorded a current-account surplus of $184.1 billion in the first quarter of 2026, according to preliminary balance of payments data released by the State Administration of Foreign Exchange (SAFE).

The SAFE breakdown shows a goods surplus of $247.4 billion and a services deficit of $59.6 billion. Primary income posted a $7.5 billion deficit while secondary income contributed a $3.9 billion surplus; figures are reported in U.S. dollar terms in the agency's preliminary release.

Compared with the fourth quarter of 2025, when the current-account surplus reached $243.8 billion, the Q1 figure represents a notable decline, reflecting persistent deficits in services and income despite a still-large goods surplus. The quarter-on-quarter move underscores ongoing volatility in external flows even as China's external position remains sizable.

In a broader context, China sustained an exceptionally large current-account surplus through 2025, supported by robust export performance and global demand for manufactured goods. That structural surplus helps underpin foreign-exchange reserves and external buffers, though it also highlights asymmetries between goods and services that shape policy trade-offs for Beijing.

Looking ahead, policymakers and market participants will monitor capital and financial account developments, reserve movements and service-sector recovery. International institutions note that while a large current-account surplus supports external resilience, attention to cross-border capital flows and income balance adjustments remains important for medium-term stability.