China’s Exports Jump 36.3% as Trade Surplus Nears $1 Trillion
Imports also rose sharply, while the widening surplus is likely to intensify scrutiny from the United States, European Union and other trading partners.
BEIJING — China's exports surged 36.3% year over year in September, significantly exceeding market expectations and pushing the country's trade surplus for the first nine months of 2026 to approximately $938 billion, according to customs data reported by Reuters and The Associated Press on Wednesday.
The September export increase, measured in US dollar terms, accelerated from growth of 25% in August and exceeded economists' expectations of 25.5%, Reuters reported. Imports also performed strongly, rising 31% year over year, compared with expectations for a 24.5% increase.
The latest figures underscore the resilience of China's export sector, which has continued to supply global markets with manufactured goods despite trade tensions and uncertainty over the world economy.
Trade surplus expands
China recorded a trade surplus of $133.5 billion in September, taking the cumulative surplus for January through September to about $938 billion, according to The Associated Press.
The scale of the surplus highlights the importance of foreign demand to China's economic performance. Exporters have benefited from their manufacturing capacity and ability to supply a wide range of products, including machinery, electronics, vehicles and components used in global industrial supply chains.
However, a large surplus also reflects the gap between the value of goods China sells abroad and the goods it purchases from overseas. Trading partners have increasingly argued that stronger Chinese exports should be accompanied by greater domestic demand and more imports.
High-tech goods support shipments
High-technology products, including semiconductors and automobiles, have been among the contributors to export growth. Demand for electronic components and equipment has been supported by investment in data centers, artificial intelligence and other digital infrastructure, although export performance varies across individual industries.
China's manufacturing base also gives exporters the ability to serve multiple markets. Companies can adjust product mixes and destinations as demand changes, helping maintain shipments when trade conditions become less favorable in particular economies.
The September figures nevertheless do not guarantee that the pace of export growth will continue. Trade can be affected by changes in global demand, exchange rates, tariffs, inventory cycles and geopolitical developments.
Imports rise as well
The 31% increase in imports suggests that China's external trade expansion was not limited to exports. Higher purchases can reflect demand for energy, raw materials, components and other goods needed by manufacturers and consumers.
But import growth alone does not establish that domestic demand has recovered strongly. The composition of imports matters, and increases in energy prices can raise the dollar value of purchases even if physical volumes change less dramatically.
China continues to face challenges in strengthening household consumption and addressing weaknesses in parts of the domestic economy, including the property sector. A stronger and more sustainable recovery would require export performance to be complemented by demand from households and businesses at home.
Trade tensions remain a risk
The widening surplus is likely to attract further scrutiny from major trading partners. The United States and European Union have raised concerns about the impact of Chinese manufacturing exports on their domestic industries, including automotive and other strategic sectors.
For China, export growth provides support for factories, employment and industrial investment. For trading partners, the same trend can intensify concerns about competition, industrial capacity and market access.
The coming months will show whether September represents a sustained acceleration or an unusually strong month. The outlook will depend on overseas demand, trade policy and the ability of China's domestic economy to absorb more output.
The figures nevertheless reinforce China's position as a major supplier to global markets. They also underline a central challenge for policymakers: maintaining export competitiveness while encouraging more balanced growth at home and reducing the risk that trade imbalances become a source of further international friction.