China’s trade surplus soars past US$1 trillion as AI boom powers exports

China’s trade surplus reached US$1.04 trillion in the first 10 months of the year, as exports surged amid global investment in AI infrastructure. The growth is helping offset weak domestic demand, but greater reliance on overseas buyers could deepen economic imbalances and heighten trade tensions.

Exports rose 35.2 per cent in October year on year, above economists’ forecast of 33.5 per cent, while imports grew 41.6 per cent. The surplus passed US$1 trillion for a second consecutive year, a month earlier than in 2025; weak consumer spending and falling domestic vehicle sales persist, while analysts expect exports to strengthen in the fourth quarter before slowing from early 2027.