China’s trade surplus reached $1.04 trillion in the first ten months of 2026, crossing the trillion-dollar threshold a month earlier than last year. Exports rose 35.2% year on year in October and imports increased 41.6%, with semiconductor and storage-device sales growing rapidly as investment in artificial intelligence fuels demand.
By the CEO editorial team. Polish original published on 10 November 2026 at 22:24 UTC.
China’s goods trade totalled CNY 44.81 trillion between January and October, up 20% from a year earlier, according to the General Administration of Customs of China. The country passed the $1 trillion surplus mark in October, a month earlier than in 2025.
Exports rose 17.6% to CNY 25.99 trillion, while imports increased 23.6% to CNY 18.82 trillion. The resulting surplus was CNY 7.17 trillion, or $1.04 trillion in the dollar-denominated statistics cited by Reuters.
China’s goods trade, January–October 2026
Values in CNY trillion
Source: General Administration of Customs of China, 10 November 2026. Export, import and surplus values are expressed in CNY.
October exports rise 35.2%, beating forecasts
China’s dollar-denominated exports grew 35.2% year on year in October, following a 36.3% increase in September. Economists polled by Reuters had expected growth of 33.5%. Imports rose 41.6%, compared with 31% the previous month and a forecast of 32%.
In yuan terms, October exports reached CNY 2.79 trillion, up 28.7% year on year, according to the customs administration. Imports increased 34.7% to CNY 2.08 trillion, leaving a monthly surplus of about CNY 710 billion.
The difference between dollar- and yuan-denominated growth rates reflects currency conversion. The 35.2% and 41.6% figures refer to October trade in dollars; the cumulative ten-month figures above are in yuan.
Electromechanical goods account for almost 65% of exports
Exports of electromechanical products reached CNY 16.81 trillion in January–October, up 25.2% from a year earlier. The category accounted for 64.7% of China’s total export value, an increase of 3.9 percentage points.
Integrated-circuit export value rose 101.9%, storage devices 132.5% and 3D printers 104.8%. Digital-camera exports increased 41.4%, while industrial robots rose 17.8%. These are changes in yuan-denominated export value, rather than the number of devices shipped.
By comparison, exports of labour-intensive products grew 2.4% to CNY 3.45 trillion. Electronics and industrial equipment therefore increased sales much faster than traditional consumer goods.
Growth in technology exports
Year-on-year change in CNY export value, January–October 2026
Source: General Administration of Customs of China, 10 November 2026. Export, import and surplus values are expressed in CNY.
AI investment boosts demand for chips and memory
The expansion of data centres and AI infrastructure is increasing demand for semiconductors, memory, networking equipment and electronic components. Chinese factories play an important role in the global supply chains for these products.
Reuters reported that China’s semiconductor exports, measured in dollars, rose 111.1% year on year in the first ten months. High-technology exports increased 47.9%.
Customs statistics do not establish how much of that growth is directly attributable to AI investment. Integrated circuits and memory are also used in vehicles, telecommunications, industrial automation and consumer electronics. Some equipment exported from China incorporates imported components, so gross export value is not the same as the value added within the Chinese economy.
Weak domestic demand makes overseas sales more important
Problems in the property market and cautious consumer spending are limiting sales at home. Exports help manufacturers keep factories running and secure overseas orders.
Industry figures cited by Reuters showed car exports continuing to rise in October, even as domestic vehicle sales fell for a twelfth consecutive month. Rising imports are consistent with this pattern: electromechanical imports reached CNY 8.17 trillion in the first ten months, up 35% year on year. Some foreign components go into Chinese factories producing goods for export.
ASEAN remains China’s largest trading partner
Goods trade with the Association of Southeast Asian Nations (ASEAN) reached CNY 7.68 trillion in the first ten months, up 24.2% year on year. Trade with the European Union rose 8.5% to CNY 5.29 trillion, while trade with the United States increased 6.3% to CNY 3.59 trillion.
Trade with ASEAN thus grew almost three times as fast as trade with the EU. Regional supply chains play an important role: Chinese components are sent to factories in Vietnam, Malaysia and Thailand, from which finished products can be exported to other markets.
Trade with countries participating in the Belt and Road Initiative totalled CNY 22.88 trillion. That was an increase of 18.5% from a year earlier.
EU duties on Chinese electric vehicles remain in place
In October 2024, the European Commission imposed additional countervailing duties on electric vehicles made in China following an anti-subsidy investigation. These apply on top of the standard 10% import duty.
The additional rates are 17% for BYD, 18.8% for Geely, 35.3% for SAIC and 7.8% for Tesla. Other cooperating manufacturers generally face a rate of 20.7%, while non-cooperating producers face 35.3%. The measures were introduced for five years, subject to possible changes under EU procedures.
In February 2026, the Commission accepted a specific price undertaking covering electric-vehicle imports. That did not remove the entire tariff regime. Nor do the measures automatically cover all Chinese hybrid vehicles.
The EU also restricts Chinese companies’ participation in certain public procurement contracts for medical devices worth more than €5 million. This is not a general ban on importing those products.
Monthly surplus with the US stays above $30 billion
China’s trade surplus with the United States was $32.71 billion in October, down from $34.01 billion in September. Trade disputes cover tariffs, market access and restrictions on advanced technologies.
Access to the most advanced chips and the equipment used to manufacture them remains important for Chinese industry, despite rapid growth in electronics exports. According to the customs administration, private companies accounted for CNY 25.46 trillion of trade in the first ten months, up 20.1% year on year. Trade by foreign-invested enterprises rose 20.4% to CNY 13.15 trillion.
