China's goods trade surplus tops $1 trillion this year, set to hit a record high

[Financial News] Amid strong exports driven by the artificial intelligence (AI) boom, China's goods trade surplus for January–October this year was tallied at more than $1 trillion.
China's customs authority, the General Administration of Customs of the People's Republic of China, said on the 10th that the goods trade surplus for January–October, measured in dollars, reached $1.04259 trillion, up 8% from $964.82 billion in the same period a year earlier (about 1,405 trillion won).
This is only the second time China's annual goods trade surplus has crossed the $1 trillion mark, following last year.
Last year, the cumulative surplus had reached $1.07585 trillion by November, but this year it crossed the $1 trillion mark a month earlier.
The annual goods trade surplus is therefore expected to exceed last year's $1.18898 trillion, the previous record. Some observers also believe this could intensify trade pressure from trading partners such as the United States and the European Union (EU).
China's exports in October rose 35.2% year on year, exceeding the 33.5% market forecast compiled by Reuters.
Imports rose 41.6% year on year, far exceeding the 32.0% forecast compiled by Reuters.
As a result, the goods trade surplus in October came to $105.28 billion, below Reuters' forecast of $125.8 billion.


[email protected] Lee Seok-woo, International Affairs Specialist Reporter