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China's General Administration of Customs released September trade figures showing exports rose 36.3% year-on-year to $447.1 billion, while imports climbed 31% to $313.6 billion. The resulting surplus of $133.5 billion marked the highest level in 20 months, following a $137.9 billion gap recorded in January 2025.

Deputy minister in charge of the administration Wang Jun said strong global demand for artificial intelligence computer systems and electrical infrastructure boosted orders for chips and electronic components. Shipments to the United States grew 39.5%, to ASEAN 52.2% and to European Union members 25.2%. The nine-month surplus stood at $938.1 billion, and another record annual total is expected after 2025's surplus exceeded $1.19 trillion.

Inflation data pointed to still-weak domestic demand. Consumer prices rose 0.9% from a year earlier in September, picking up mildly from August but missing forecasts. Producer prices jumped 5%, the fastest pace since June 2022 and well above the 3.8% projection, driven by rising energy costs. Analysts expect policymakers to roll out further support to meet short- and long-term growth targets.

Lynn Song, chief China economist at ING Group, told Anadolu Agency that exports, imports and the surplus all easily beat expectations, with September import growth of 31% well above August's 28.2%. He said technology products remain the main driver of import growth and that rising shipments in recent months could push last year's record $1.2 trillion surplus even higher.

Key Takeaways

• China's September trade surplus reached $133.5 billion, its highest level in 20 months.
• Exports rose 36.3% and imports 31% year-on-year, both exceeding forecasts.
• Consumer inflation stayed subdued at 0.9% while producer prices jumped 5%, the fastest since June 2022.