Export surge and trade surplus

China's exports rose 36.3% in September from a year earlier to $447.18 billion, customs data published on Wednesday, 14 October, showed. That followed a 25% gain in August. Imports climbed 31% to $313.652 billion, leaving a September trade surplus of $133.532 billion. Over the first nine months of 2026, the surplus reached $938.110 billion, putting China within reach of the $1.189 trillion surplus it posted for all of 2025. Wang Jun, vice minister of the General Administration of Customs, told a press conference that trade growth over the first three quarters was the fastest in five years, according to BFM Business.

2026-08

25 %

2026-09

36.3 %

Data from the article text

Semiconductors and cars lead the gains

Demand for products tied to artificial intelligence is the main driver, according to Al Jazeera and tagesschau. Semiconductor exports rose more than 108% in the first nine months, and car exports grew by more than 50% in both value and volume over the same period. Al Jazeera reported that shipments of automatic data processing machines jumped nearly 55%. Taylor Wang, an economist at HSBC in Hong Kong, pointed to high-tech trade in a note to clients.

“High-tech demand, supported by the global and domestic AI upcycle, remained the key driver”

Trade with Europe and the United States

Exports to the European Union rose 25% to $60.151 billion in September, while imports from the bloc increased 0.7% to $25.352 billion. Shipments to the United States reached $47.881 billion, up 39.6%, and purchases from the US totaled $13.867 billion, up 20.7%. ASEAN was China's largest export market by a wide margin, taking $81.7 billion of goods, a rise of more than 52%. Tagesschau put China's September surplus at about $34 billion with the United States and $34.8 billion with the EU, and said the growing surplus is likely to intensify trade disputes with both.

ASEAN81.7

European Union60.151

United States47.881

ASEAN

81.7 US$ bn

European Union

60.151 US$ bn

United States

47.881 US$ bn

Data from the article text

Hybrid car limits and tariff talks

The EU and China agreed on a cap on hybrid vehicle imports from China, set initially at 350,000 vehicles a year and rising 6% annually over the following four years. Tagesschau reports the rule is due to apply from December. Michael Kern, head of the German Foreign Chamber of Commerce in East China, called the talks encouraging and said the escalation risk for more than 5,000 German companies in China had at least eased for now.

“That both sides are negotiating is a hopeful signal”

In the tariff dispute with the United States, both sides agreed in September to cut duties on goods worth $30 billion each, although tagesschau notes it remains open whether the rapprochement will last. Al Jazeera cited the International Monetary Fund's forecast of 4.5% growth for China in 2026, which would be the slowest expansion since 1990 excluding the COVID years. Lynn Song, ING's chief economist for Greater China, told Al Jazeera that the export growth should keep China on track for its 4.5-5 percent growth target.

Producer prices climb

China's producer prices rose 5% year on year in September, up from 3.8% in August, the steepest increase in factory-gate costs since June 2022, the National Bureau of Statistics said. The average for January to September stood at 2.3%. Dong Lijuan, a statistics official at the bureau, attributed the increase to higher international prices for oil and nonferrous metals. The consumer price index rose 0.9% in September, up from 0.8% in August.

2026-08

3.8 %

2026-09

5 %

Data from the article text