FX.co ★ China Trade Surplus Beats Estimates

China recorded a trade surplus of USD 213.62 billion in the first two months of 2026, beating market expectations of USD 196.6 billion and following a record full-year surplus of USD 1.189 trillion in 2025. Exports rose 21.8% year-on-year to USD 656.58 billion, a sharp acceleration from December’s 6.6% growth and well above the forecast 7.1%. This was the fastest pace of export expansion since October 2021, underpinned by solid global demand and a strong start to the year.

Imports increased 19.8% to USD 442.96 billion, far outstripping the projected 6.3% rise and picking up from 5.7% in December. This marked the strongest import growth since early 2022, pointing to resilient domestic demand over the festive period.