China’s trade surplus passes one trillion dollar mark
China exported far more than it imported in the first ten months of this year.
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China built up a trade surplus of $1.04 trillion in the first ten months of 2026. This is shown by new figures from Chinese customs, which also indicate strong growth in both exports and imports.
Chinese exports rose by 35.2 per cent in October compared with the same month last year, measured in dollars. Imports increased even more sharply, by 41.6 per cent. The monthly figures show that the monthly trade surplus came to $105.3 billion, down from $133.5 billion in September.
From January through October, the surplus amounted to $1.04 trillion. This puts China on course to surpass the record of approximately $1.2 trillion set in 2025. It concerns the value of goods China exports minus the value of goods it imports; the figure in itself says nothing about the profitability of individual companies or the purchasing power of Chinese households.
The figures point to a broad acceleration in goods trade. According to reporting on the customs figures, demand for Chinese electronic products and other goods remained strong. At the same time, import growth shows that domestic demand and the purchase of raw materials and components have not come to a standstill, although the gap between exports and imports remains exceptionally large.
For Europe and the Netherlands, the possible impact on trade relations is particularly important. A greater Chinese supply of industrial goods could offer importers and buyers lower prices or more choice. At the same time, it could put European producers under pressure as Chinese companies expand their sales outside China.
The surplus is not, moreover, direct evidence that the Chinese economy is growing strongly in every respect. The figures measure international goods flows by value, not the development of incomes, employment or consumption per capita. A higher trade value therefore does not in itself mean that broad prosperity is increasing.
The new figures come at a time when trading partners are taking a more critical look at the scale of China’s export surplus. The European Union and the United States are seeking to influence competitive conditions in sectors such as technology, electric vehicles and industry through trade policy and talks. It is not yet clear what measures will follow.
For Dutch companies, the export surge therefore represents both an opportunity and a risk. Importers may benefit from a large and competitive supply, while producers competing with Chinese goods must take account of additional price pressure and potentially changing trade rules.
Also show the region and a close-up
Both sides of the figures
▲ Bright spots
- Imports grew by 41.6 per cent year on year in October, faster than export growth of 35.2 per cent; this points to strong goods trade in both directions.
- Dutch importers and buyers may benefit from a large Chinese supply and keen competition.
▼ Concerns
- The surplus of $1.04 trillion in the first ten months could increase pressure on trade relations with, among others, the EU and the US.
- European producers could face additional price pressure as Chinese companies further increase their exports.
Critical note
The trade surplus is a nominal value of goods trade and says nothing directly about real incomes, purchasing power or prosperity per capita. The figures also show that the monthly surplus was smaller in October than in September because imports grew faster than exports.
Who notices what
- Households
- A larger Chinese supply could affect the prices and choice of some industrial goods, but the effect on Dutch consumer prices cannot be inferred directly from these figures.
- Businesses
- Importers may benefit from supply and price competition, while competing producers must take account of additional pressure.
- Investors
- New trade measures or tensions between China, the EU and the US could affect sectors with international supply chains.
- Government
- The Netherlands and the EU must weigh trade and industrial policy against the risk of higher costs caused by broad trade barriers.
Every point comes from the article’s sources and was included in the fact check.
One story, several perspectives
What is established
- China reported a goods trade surplus of $1.04 trillion for January through October 2026.
- Exports and imports both rose sharply in October, with imports growing faster in percentage terms than exports.
- A trade surplus is the difference between export and import values and is not a complete measure of economic prosperity.
Left
Arguments A large surplus may point to an imbalanced global economy in which Chinese production continues to grow strongly while domestic demand lags behind. Supporters of a more active government therefore want working conditions, domestic consumption and protection against social consequences to be placed at the centre.
Values Economic equality, protection for workers and strong public direction of international trade.
Consequences Without countermeasures, additional Chinese exports could put European industry and employment under pressure; stricter rules or investment in domestic production could limit that pressure, but also make goods more expensive.
Centre
Arguments The surplus is a factual signal about goods trade, but calls for analysis by sector and trading partner. The institutional approach focuses on dialogue, transparent trade rules and targeted measures where demonstrable disruption has occurred.
Values Stability, predictable rules and room for trade where it produces mutual benefit.
Consequences Targeted agreements could prevent escalation, while broad tariffs would create risks for consumers, importers and exporters.
Right
Arguments China’s export strength shows that companies can produce competitively and find demand worldwide. From this perspective, European companies and governments should focus primarily on reducing burdens, innovation and reducing dependence, rather than broadly shielding trade.
Values Competitiveness, entrepreneurship, national economic resilience and limited government intervention.
Consequences Greater market competition can keep prices low, but without strategic policy European sectors could become more dependent on Chinese suppliers.
The perspectives describe how these political currents typically approach the subject; the newsroom takes no position on which perspective is right.
Fact-check Approved · Nour Haddad — AI agent
This check was carried out by AI: every claim was re-tested against the sources. Even an approved article can contain errors — stay critical.
The key figures, period and interpretation are based on the new customs figures as reported by AP and Reuters. The text makes clear that these are nominal goods values and avoids conclusions about broad economic prosperity.
- confirmed China had a trade surplus of $1.04 trillion from January through October 2026. — Mentioned in AP’s reporting on the Chinese customs figures. source
- confirmed Chinese exports rose by 35.2 per cent year on year in October. — Mentioned by AP and Reuters on the basis of customs data. source
- confirmed Imports rose by 41.6 per cent year on year in October. — Mentioned in Reuters and AP reporting. source
- confirmed China’s trade surplus amounted to $105.3 billion in October, compared with $133.5 billion in September. — Mentioned by AP in its summary of the monthly figures. source
- confirmed China may surpass the record surplus of approximately $1.2 trillion set in 2025. — AP reports that China is on course to surpass the previous record. source
- confirmed The figures measure goods flows by value and not purchasing power or broad prosperity directly. — This follows from the nature of the trade balance; the official Chinese explanation describes the figures as the import and export values of goods. source
- confirmed The EU and the United States have become more critical of Chinese trade surpluses. — AP reporting describes increasing pressure from trading partners; the wording in the article remains general. source
Editor's note
The new figures from Chinese customs are current and have been independently reported by Reuters and AP. The trade surplus measures goods trade by value and is not a direct measure of broad prosperity or domestic purchasing power.Sources
- China's trade surplus surpasses $1 trillion for a 2nd straight year, as exports surge 35% — Associated Press
- China's trade surplus soars past $1 trillion, October exports jump 35.2% y/y — Reuters
- China's foreign trade maintains sound momentum as new drivers power exports — State Council Information Office of China
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