China’s Trade Surplus Tops $1 Trillion for Second Year

China’s goods trade surplus reached $1.04 trillion in the first 10 months of 2026, customs data showed, passing the $1 trillion mark for a second consecutive year as exports and imports rose sharply in October.

Exports increased 35.2% in October from a year earlier in U.S.-dollar terms, while imports rose 41.6%. The surplus for October narrowed to $105.3 billion from $133.5 billion in September as imports accelerated, according to the reported customs figures. China’s surplus with the United States was $32.71 billion in October, down from $34.01 billion the previous month.

The export gains included high-tech products such as semiconductors and autos. Reporting attributed some of this year’s strength to global investment in artificial-intelligence infrastructure, but did not quantify how much exports depended on that demand. Analysts cited in the reporting said the outlook would depend in part on how long the AI investment boom lasts.

The growing surplus comes as China faces subdued domestic demand and increased scrutiny from trading partners over the balance of trade. A weak property market and cautious consumer spending have weighed on domestic demand, while Chinese...