China’s monthly imports grow at fastest pace in five years as surplus crosses $1 trillion in 2026

China’s imports grew at their fastest pace in five years in October, while its trade surplus passed $1 trillion for the year. The figures highlight strong demand for technology and energy imports, but also an imbalance: exports remain robust as household spending at home stays weak.

Imports of high-tech products rose 72% by value year on year; crude oil, liquefied natural gas and coal imports increased by about 41%, 50% and 60%. October’s surplus was $105.3 billion, the lowest since April, while the year-to-date surplus reached $1.04 trillion, against a record $1.2 trillion for all of 2025. Exports to the US rose 32.9% in value, partly reflecting a low comparison base after tariff hikes last year; leaders Xi Jinping and Donald Trump are expected to meet at next week’s APEC summit.