China’s exports surged 36.3% year over year in September, lifting the monthly trade surplus to $133.5 billion and bringing China’s nine-month surplus to about $938 billion, close to the $1 trillion mark.
The export increase accelerated from 25% in August and outpaced economists’ expectations of 25.5%, according to customs data released Wednesday, October 14. Imports also strengthened, rising 31% from a year earlier, compared with 28.2% growth in August; the monthly surplus widened from $119.1 billion. Shipments of high-tech goods, including semiconductors and automobiles, helped drive export growth, while demand linked to artificial-intelligence infrastructure has supported Chinese technology exports.
The nine-month total puts China on course to pass $1 trillion in surplus, though the pace of trade could shift as demand, tariffs and other trade policies change. The figures also underscore the importance of overseas demand as weak consumer spending and investment weigh on China’s domestic economy. Meanwhile, trading partners—including the European Union—are pressing Beijing to rebalance trade, raising the prospect of further scrutiny or measures affecting Chinese exports.
China’s full-year surplus could exceed its previous record if shipments remain strong through the final quarter.