What happened
China's trade surplus has reached a record high of $938 billion in the first nine months of 2026, driven by a significant increase in exports to the US and EU. According to data from China's General Administration of Customs, overall outbound shipments from China grew by 36% in September from a year ago, exceeding analysts' expectations.
The surge in exports was led by a 40% increase in shipments to the US and a 35% increase in shipments to the EU. The rising sales of high-technology products, such as robots and electronic components, also contributed to the growth in exports.
China's imports also increased by 31% in September, but the country's trade surplus still exceeded $100 billion for the fifth consecutive month. The trade surplus with the EU was $35 billion, while the trade surplus with the US was $34 billion.
The International Monetary Fund (IMF) has called on China to shift its reliance from exports to domestic consumption, citing the need for a more balanced growth model. The IMF's Managing Director, Kristalina Georgieva, reiterated this call, stating that China needs to increase domestic consumption to reduce its trade surplus.
