China’s trade surplus came in at USD 90.45 billion in September 2025, below expectations of USD 98.96 billion but higher than the USD 81.69 billion recorded in the same month a year earlier, as exports continued to outpace imports. Exports rose 8.3% yoy, exceeding forecasts for a 6% gain and accelerating from a 4.4% increase in August, the fastest pace since March, as producers found new markets beyond the US. Imports grew by 7.4%, significantly above expectations for a 1.5% rise and well above the 1.3% increase in August - marking the fastest pace since April 2024 - supported by government stimulus aimed at boosting domestic demand. China’s trade surplus with the US rose to USD 20.86 billion in September, up from USD 20.32 billion in August, even as both exports and imports to/from the US declined by 16.9% and 11.6%, respectively. Year-to-date, China posted a total trade surplus of USD 875.1 billion, with exports up 6.1% yoy, while imports fell by 1.1% compared to the same period in 2024.