HONG KONG (Azat TV) – China’s trade surplus reached $1.04 trillion in the first 10 months of the year, surpassing the $1 trillion threshold faster than ever before and putting the nation on track to eclipse last year’s record $1.2 trillion annual surplus, according to official data released on Tuesday, November 10, 2026.
Driven by a 35.2% year-on-year surge in October exports, the milestone deepens external economic imbalances and renews international pressure on Beijing to bolster domestic consumption. The customs data, reported by Ozarab Media, showed that exports beat economists’ expectations of a 33.5% increase, though slowing slightly from September’s 36.3% pace.
Import Surge and Sector Drivers
Imports climbed 41.6% in October compared to the previous year, marking the strongest increase since May 2021 and surpassing analysts’ 32% forecasts. According to data cited by KSAT, the import expansion was heavily propelled by a recovery in Persian Gulf crude oil shipments, alongside critical minerals and technology goods.
Semiconductor exports soared 137.1% by value in October from a year earlier, while automotive exports climbed 37.6%. High-tech product imports surged 72%, and energy shipments including crude oil, liquefied natural gas, and coal grew between 41% and 60% by value. Analysts noted that flatlining domestic consumption at home has pushed Chinese manufacturers to lean heavily on foreign markets, fueling global friction.
International Stakes and Policy Outlook
Alicia García-Herrero, chief economist for Asia Pacific at French bank Natixis, told KSAT that industrial overcapacity, excess domestic savings, and weak internal demand continue driving Chinese goods abroad while foreign countries move to protect local industries.
Trade tensions remain high ahead of planned discussions between U.S. President Donald Trump and Chinese leader Xi Jinping during the Asia-Pacific Economic Cooperation summit in Shenzhen. While a two-month extension of the U.S.-China trade truce provides temporary relief, market observers warn that trade growth could moderate as U.S. and European trade barriers, European Union curbs, and shifting artificial intelligence investment trends take effect.