FX.co ★ China Posts Largest Trade Surplus on Record

China’s trade surplus expanded to USD 125.62 billion in June 2026, up from USD 113.89 billion in June 2025, beating market expectations of USD 121 billion and marking the largest surplus on record. Export growth accelerated sharply to 27.0% year-on-year, reaching an all-time high of USD 412.39 billion. This compared with May’s 19.4% increase and exceeded forecasts of 18.2%, as firms continued to build up inventories in anticipation of higher energy costs linked to the ongoing conflict in the Middle East. At the same time, imports jumped 36.0% year-on-year to USD 286.76 billion, well above the expected 24.0% and faster than May’s 27.4% rise, supported by government measures aimed at strengthening domestic consumption.