China passes the $1 trillion trade surplus mark in October

China published trade figures on Tuesday that showed a sharp increase year-on-year in October thanks to a still ultra-dynamic export sector, with a trade surplus of more than $1,000 billion over the first ten months of the year. Overall exports thus increased by 35.2% and those to the United States by 32.9%, according to data communicated by Chinese customs, reflecting very healthy foreign trade which contrasts with the slump in domestic consumption. Last year, the $1 trillion trade surplus mark was only reached in November.

In detail, total exports in October represented 412.3 billion dollars, including 46.4 billion to the United States. In October 2025, exports to this country represented $34.9 billion, despite a context of tariff war launched by Donald Trump. However, the Asian giant is still struggling to regain its internal dynamism before the Covid pandemic.

It is subject to deflationary pressures, weak household spending, production surpluses and a serious real estate crisis. Conversely, exports have established themselves as a driving force of the Chinese economy in recent years, notably thanks to the explosion in demand for products linked to artificial intelligence and in the field of electric cars.

Machine-translated from French