<p>Understanding the relationship between carbon emissions and economic benefits is important for achieving equitable climate mitigation, especially in the context of regional trade. However, existing research has rarely systematically explored the dynamic evolution between carbon flows and economic benefits across different regions. This paper measures the embodied carbon emissions and economic value-added in China’s interprovincial trade from 2012 to 2017 using a multi-region input output model (<i>MRIO</i>). Two new indices are proposed: the net transfer coordination index (<i>S-NTCI</i>) measures the coordination degree and direction of carbon-economy flows, while the influence factor trade-off index (<i>TFI</i>) assesses the relative contribution of factors to emissions and economy. The findings indicate that coastal provinces (Jiangsu, Zhejiang and Guangdong) are the main sources of embodied carbon transfers and the most active regions for economic value-added flows. In inter-provincial trade, the share of coordinated trade paths (<i>S-NTCI</i> ≥ 0.368) declined by 2.6%, indicating weakened carbon-economy coordination. The impacts of different contributing factors on carbon and economy are significantly heterogeneous. Among them, the technology effect and the production structure effect have the potential to reduce emissions but do not contribute enough to economic benefits. These findings clearly reveal the relationship between carbon responsibilities and economic benefits, thereby providing a basis for identifying and mitigating inequities in inter-provincial trade. Furthermore, this study gives policy implications based on three aspects: industrial undertaking, trade cooperation, and technological change, to promote the achievement of a more equitable and synergistic pattern for emission reduction.</p>