China trade surplus tops $1 trillion again ahead of APEC talks

China's trade surplus has passed $1 trillion in the first 10 months of the year, putting the country on track to exceed last year's record. Official customs data showed the surplus reached $1.04 trillion through October, with exports continuing to rise sharply. The figures come just days before expected talks between Xi Jinping and Donald Trump at the Asia-Pacific Economic Cooperation summit.

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The General Administration of Customs said exports rose 35.2% year-on-year in October to $412.3 billion, while imports increased 41.6% to $307.1 billion. Chinese exports to the United States also grew 32.9% last month, underscoring the strength of outbound trade despite continuing tensions with Washington. The surplus reached the $1 trillion mark earlier than it did in 2025, when the annual total first crossed that level in November.

The latest numbers highlight how exports have become a major support for the Chinese economy this year. That matters because domestic activity remains under pressure from long-running weakness in the property sector, leaving external demand as a key source of growth. Analysts cited in the data said exporters have been the main driving force behind the economy and expected them to remain strong in the near term.

The trade figures also carry wider geopolitical weight because they arrive ahead of high-level US-China discussions at the APEC summit in China next week. Trade has been one of the central issues between the two countries in recent years, and the latest surplus data is likely to add to scrutiny of China's export strength. Several trading partners have also complained that lower-cost Chinese goods are hurting local industries, adding to pressure on Beijing.

The export surge has been driven in part by strong global demand for AI-related products, including computer chips, data centre servers and networking equipment. That has helped Chinese manufacturers maintain momentum even as the domestic economy faces structural challenges. It also suggests that trade remains a crucial lever for Beijing as it seeks to balance growth and external pressure.

What remains unclear is how the latest trade data will affect the tone of the Xi-Trump talks, or whether either side will signal any shift in trade policy. The customs figures point to continued strength in China's export sector, but they also deepen the backdrop of friction with the United States and other trading partners. The next key development will be whether the APEC meeting produces any concrete movement on trade tensions or leaves the dispute largely unchanged.

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