China’s trade surplus exceeded US$1 trillion in the first 10 months of 2026, according to official customs data, keeping the country on track for another record annual surplus as exports continued to outpace imports. October exports remained strong, supported by demand for high-tech products including semiconductors and vehicles, while faster import growth narrowed the monthly surplus.
Key developments
- January–October trade surplus: US$1.04 trillion.
- October exports: up 35.2% year-on-year.
- October imports: up 41.6%, reducing the monthly surplus to US$105.3 billion.
- China is on course to exceed its record annual trade surplus of US$1.2 trillion set in 2025.
The figures are expected to keep trade imbalances in focus ahead of international economic discussions, with analysts noting that continued reliance on exports could sustain tensions with major trading partners while helping offset weaker domestic demand.