China's trade surplus passes $1 trillion for the second year running, with two months still to go
October exports jumped 35.2% from a year earlier, driven by demand for AI and data-centre equipment.
- Oct exports: +35.2%
- Oct imports: +41.6%
- Oct surplus: $105.3bn
Record pace
Customs data released on 10 November show China sold $1.04 trillion more goods than it bought in the first ten months of 2026. It has never reached that mark this early. The full-year surplus for 2025 was about $1.2 trillion, a record, and economists at ING expect 2026 to top it.
Driven by AI
October exports rose 35.2% to about $412 billion, beating forecasts. Shipments of cables, server racks and other data-centre gear rose sharply. High-tech exports grew 67%, the fastest since early 2021. Imports also climbed 41.6%, so the monthly surplus of $105.3 billion was smaller than in September.
Why it matters
The huge surplus is adding to pressure on Beijing from the US, Europe and others to buy more from abroad. China's exports to both the US and the EU rose strongly in October.
