China’s trade surplus widened to USD 125.62 billion in June 2026 from USD 113.89 billion in the same period of 2025, surpassing expectations of USD 121 billion and marking the largest trade surplus on record. Export growth accelerated to 27.0% year-on-year, reaching a record high of USD 412.39 billion, up from May’s 19.4% growth and above forecasts of 18.2%, as companies continued to build inventories to pre-empt energy price pressures stemming from the ongoing conflict in the Middle East. Meanwhile, imports surged 36.0% year-on-year to USD 286.76 billion, exceeding expectations of 24.0% and accelerating from a 27.4% jump in May, amid the government's efforts to boost domestic consumption.