China’s trade surplus widened to USD 105.43 billion in May 2026 from USD 102.72 billion a year earlier, beating market expectations of USD 92.1 billion. This marked the largest surplus since January, driven by strong gains in both exports and imports.
Exports rose 19.4% year-on-year to a record USD 376.78 billion, up from April’s 14.1% growth and above the 15% forecast. The acceleration reflected firms front-loading orders and building inventories to hedge against potential energy price pressures linked to the ongoing conflict in the Middle East.
Imports jumped 27.4% from a year earlier to USD 271.35 billion, surpassing the projected 25% increase and quickening from 25.3% growth in April, supported by government measures to stimulate domestic demand.
Over the first five months of 2026, China’s trade surplus totaled USD 451.71 billion, down from USD 471.9 billion in the same period of 2025, as exports grew 15.5% while imports expanded at a faster pace of 24.5%.
