FX.co ★ China Trade Surplus Smallest in 5 Months

China’s trade surplus expanded to $105.28 billion in October 2026, up from $88.00 billion a year earlier, but well below market expectations of $125.8 billion. It was the smallest surplus since May, as export growth lagged behind that of imports. Exports jumped 35.2% year-on-year to $412.33 billion, exceeding the projected 33.5%, supported by sustained global demand for Chinese high-tech goods amid the ongoing AI infrastructure boom. However, this marked a slight deceleration from September’s 36.3% growth. Imports surged 41.6% year-on-year to $307.05 billion, far outpacing the forecast of 32% and accelerating sharply from 31% in September. Over the first ten months of 2026, China’s trade surplus totaled $1.043 trillion, with exports up 22.7% and imports rising 29.0%, keeping the full-year figure on course to surpass last year’s record $1.2 trillion.