China’s export boom drives a US$1t trade surplus, ahead of high-stakes Trump-Xi Apec meeting

BEIJING, Nov 10 — China’s trade surplus ballooned to more than US$1 trillion (RM4.06 trillion) in October, official data showed today, reaching the milestone even earlier than last year’s record-breaking surge in overseas shipments.

Exports from the world’s second-largest economy have surged in recent months, driven in part by soaring global demand for artificial intelligence-related products including computer chips, data centre servers and networking equipment.

The trade boom has offered Beijing a key economic lifeline as domestic activity is weighed by longstanding woes in the once-roaring property sector.

Exports jumped 35.2 per cent year-on-year to US$412.3 billion last month, according to the General Administration of Customs, while imports in October expanded 41.6 per cent to US$307.1 billion.

That brought China’s total trade surplus during the first 10 months to a towering US$1.04 trillion, according to the GAC.

The country is well on track to surpass the record US$1.2 trillion hit last year, when the US$1 trillion mark was reached in November.

However, the export boom has fuelled tensions with several key trading partners, who worry that floods of lower-cost Chinese goods are crowding out local competition.

Exports to the United States surged 32.9 per cent last month, the GAC data showed.

The figures come ahead of another high-stakes meeting between President Xi Jinping and US counterpart Donald Trump at the Asia-Pacific Economic Cooperation (Apec) summit in China next week.

The two have navigated a shaky truce to a fierce trade war since their meeting in October of 2025.

The Apec gathering runs from November 18 to 19 in Shenzhen and could also see a trilateral between Trump, Xi and Russian President Vladimir Putin. — AFP