China's exports jumped 35.2% in October from a year earlier, beating expectations for 33.5% growth. Imports climbed 41.6%, the fastest pace since May 2021, far exceeding analyst forecasts of 32% growth.
The import surge was driven primarily by demand for high-tech products, which jumped 72% by value. Purchases of crude oil, liquefied natural gas, and coal also spiked, growing roughly 41%, 50%, and 60% respectively.
Despite strong export growth, China's monthly trade surplus fell to $105.3 billion in October, the lowest since April. The year-to-date surplus reached $1.04 trillion, down from a record $1.2 trillion for all of 2025.
High-tech exports powered the export gains, reflecting robust global demand for chips and artificial intelligence hardware. However, some economists see signs of slowdown. Capital Economics estimates a seasonally adjusted 2% month-on-month fall in exports. A China Beige Book survey found new domestic and export orders slowed in October compared to a year earlier. Factory activity unexpectedly shrank last month according to official PMI data as overseas orders cooled.
China's exports to the U.S. grew 32.9% in value, with imports rising nearly 35%, yielding a $32.7 billion surplus. The EU narrowed its import agreement with Beijing to 350,000 hybrid vehicles annually starting December 1, though that cap sits below the 800,000-unit annualized pace China shipped over the last three months.