China's trade surplus exceeds $1 trillion; exports expand due to AI demand - January to October

China's General Administration of Customs announced on the 10th that the trade surplus for the period from January to October was $1.4259 trillion (approximately 165 trillion yen). In 2025, it will reach a record high of approximately $1.2 trillion, marking the second consecutive year that it has exceeded $1 trillion. At the U.S.-China summit meeting expected in the middle of this month, pressure from the U.S. side to rectify the trade imbalance is likely to increase.

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Exports of semiconductors and electric vehicles (EVs) have grown on the back of global investment in artificial intelligence (AI), and exports to the United States and European Union (EU) have also expanded. The trade surplus for October alone was $105.28 billion. It exceeded $100 billion for six consecutive months.

The export value in October was $412.33 billion, an increase of 35.2% from the same month last year. Although it was lower than September's record high on a preliminary basis, it remained at a high level. Imports also surged by 41.6%.

By item, the export value of semiconductors increased by approximately 2.4 times, and the number of exports of automobiles, including EVs, increased by approximately 30%. While the value of crude oil imports has increased due to rising market prices due to the worsening situation in the Middle East, imports of meat and soybeans have decreased.

Exports of rare earths, for which China has tightened export controls, increased by 1% to 4,386 tons. However, the cumulative total from January to October decreased by 8.7%.