China Balance of Trade

China’s trade surplus narrowed to $84.82 billion in April 2026 from $95.85 billion in the same period of 2025, but surpassed market expectations of $83.3 billion. Export growth accelerated sharply to 14.1%, reaching a record high of $359.44 billion, up from March’s 2.5% rise and much faster than forecasts of 7.9%, due to seasonal factors, as companies rushed to stockpile components from the manufacturing powerhouse amid fears that the Iran war could push input costs even higher. Meanwhile, imports surged 25.3% year-on-year to $274.62 billion, above expectations of 15.2% and marking the second consecutive month of record-high imports, though slightly lower than the 27.8% jump in the previous month. The trade surplus with the US stood at $23.07 billion in April. For the first four months of 2026, China’s trade surplus reached $347.70 billion, down from $368.8 billion in the same period of 2025, with exports rising 14.5% while imports grew at a faster 23.6%.

China’s trade surplus narrowed to $51.13 billion in March 2026, the smallest since February 2025 and well below market expectations of $112 billion. Export growth slowed sharply to 2.5%, down from February’s 39.6% surge and missing forecasts of 8.3%, due to seasonal factors, including a delayed Lunar New Year, and a high base effect from March 2025’s tariff-driven export boom, rather than weakening global demand. Meanwhile, imports soared 27.8% year-on-year to a record $269.90 billion, the steepest rise since November 2021, surpassing expectations of 11.1%. This surge reflects China’s push to secure resources amid supply chain disruptions and elevated costs tied to the Iran conflict, as well as a jump in high-tech purchases like semiconductors. The trade surplus with the US stood at $16.8 billion in March. For Q1 2026, China’s trade surplus reached $264.75 billion, down from $271.09 billion in Q1 2025, with exports up 14.7% and imports rising 22.7%.

China’s trade surplus stood at USD 213.62 billion in the first two months of 2026, exceeding market expectations of USD 196.6 billion and following a record surplus of USD 1.189 trillion in 2025. Exports surged 21.8% yoy to USD 656.58 billion, accelerating sharply from a 6.6% rise in December and far surpassing forecasts of 7.1%. The jump marked the fastest growth in shipments since October 2021, boosted by firm global demand and a strong start to the year. Meanwhile, imports climbed 19.8% to USD 442.96 billion, well above expectations of 6.3% and quickening from 5.7% in December. It was the strongest pace of purchases since early 2022, reflecting solid domestic demand during the festive season. China merges January–February trade data to smooth distortions from shifting Lunar New Year timing, which typically disrupts activity. Trade balances are likely to draw attention ahead of a planned visit by U.S. President Trump to Beijing at the end of March for talks with Xi Jinping.