China reported a 36.3 percent year-on-year surge in September exports, driving total shipments to $447.18bn and pushing the country’s year-to-date trade surplus near $0.9 trillion. The acceleration, fueled by heavy demand for semiconductors and green technology, threatens to heighten global trade friction as key international partners push back against persistent imbalances.
Trade figures released by the General Administration of Customs show that exports grew by 36.3 percent in September, marking the largest monthly increase since 2021. The expansion accelerated sharply from a 25 percent gain in August, lifting total monthly exports to $447.18bn.
China’s trade surplus hit about $0.9 trillion in just the first nine months of 2026, on track for a record year. pic.twitter.com/3MJyTDOD3z
Imports also climbed, rising 31 percent year-on-year compared to 28.2 percent the previous month. For the first nine months of the year, total exports rose 21.3 percent to $3.37 trillion, while imports increased 27.5 percent to $2.43 trillion. That gap left China with a trade surplus of $938.1bn through the first three quarters of 2026.
Semiconductors and Green Technology Drive the Surge
High-tech trade anchored the month’s gains. Semiconductor shipments jumped more than 108 percent, while automatic data processing machines recorded a nearly 55 percent increase.
According to figures cited by Chinese customs authorities, global appetite for artificial intelligence hardware and green energy products served as the primary catalyst. Integrated circuit exports rose 99.1 percent.
- Electric vehicles increased by 72.3 percent.
- Lithium batteries grew by 36.4 percent.
- Wind turbine generators and their components rose by 22.4 percent.
Geographically, the Association of Southeast Asian Nations remained China’s largest export destination by a wide margin, with exports to ASEAN rising more than 52 percent in September to $81.7bn. Shipments to the European Union reached $60.15bn, a 25.3 percent increase, while exports to the United States jumped 39.6 percent to $47.88bn.
Trade Surplus Nears Record Pace Amid International Friction
The widening trade imbalance has renewed friction with major trade partners.
Washington and Beijing extended a trade truce last month and trimmed tariffs on $60 billion in goods, but the United States continues investigating industrial overcapacity. Brussels and Beijing recently established a joint understanding to curb hybrid vehicle imports over the next four years, aiming to ease competitive pressure on European manufacturers.
Emerging economies are also reacting. In Southeast Asia, nations including Indonesia, Thailand, Malaysia, and Vietnam have expressed concern over surging inflows. Malaysian reports indicated that Chinese imports jumped 41.2 percent over the first eight months of the year, prompting local officials to evaluate potential risks to domestic producers.
Domestic Weakness Persists Alongside Global Trade Gains
Despite strong overseas sales, domestic economic indicators remain soft. The International Monetary Fund lowered its growth projection for China to 4.5 percent for 2026 and 4 percent for 2027, citing persistent weakness in the domestic property market and muted consumer demand.
“The strong export growth should keep China’s growth on track to achieve its growth target of 4.5-5 percent for 2026,”
Lynn Song, chief economist for Greater China at ING
Song added a caveat to the outlook: growth remains quite unbalanced, with domestic data quite soft in comparison
, emphasizing that it will be important to rebalance growth over the medium term if China is to achieve its longterm growth targets
.
