China’s goods trade grew 20% through October as imports led

China’s goods trade grew 20% year over year to 44.81 trillion yuan in the first 10 months of 2026, with imports rising faster than exports. The cumulative growth rate was up from 18.8% for January through September, according to figures attributed to China’s General Administration of Customs and published November 10.

Exports totaled 25.99 trillion yuan, up 17.6% from a year earlier. Imports reached 18.82 trillion yuan, up 23.6%.

Subtracting the reported import total from the export total leaves exports ahead by 7.17 trillion yuan for January–October, using the rounded figures. That answers a likely point of confusion: faster import growth does not mean imports were worth more than exports. The growth rates compare each category with its year-earlier level; the totals compare the value of exports and imports over the same 10-month period.

October’s year-over-year growth rates were higher than the January–October rates for total trade, exports and imports. The customs report also said both imports and exports had posted double-digit growth for six consecutive months through October.

Trade growth varied by partner and product i

For January–October, trade with the Association of Southeast Asian Nations rose 24.2% year over year. Trade with the European Union increased 8.5%, while trade with the United States rose 6.3%. These are growth rates for trade with each partner, not measures of each partner’s share of China’s total trade.

Mechanical and electrical products accounted for 64.7% of exports and grew 25.2% year over year. The customs report also recorded increases of 101.9% for integrated-circuit exports and 132.5% for memory-component exports.

Exports in the combined category the report calls the “new three”—electric vehicles, photovoltaic products and lithium batteries—rose 46.5%. That figure applies to the whole category, not to electric vehicles alone.

The $1 trillion surplus uses a separate currency measure i

Reuters reported that October exports grew 35.2% and imports 41.6% in U.S. dollar terms, and that China’s cumulative goods-trade surplus had topped $1 trillion through October. Those dollar-denominated growth rates differ from the yuan-denominated rates in the customs figures; they are separate currency-based comparisons.

The surplus milestone is a cumulative figure through October, not a full-year 2026 total. The customs figures describe goods-trade activity and do not announce a new trade measure.