China’s Current Account Surplus Hits New Record

China’s current account surplus widened to $276.1 billion in the third quarter of 2026, up from $202.5 billion in the same period last year, according to a preliminary estimate. It marked the largest surplus on record, largely driven by a record goods surplus of $350.1 billion, as exports surged 25.3% year-over-year to an all-time high of $1,213.3 billion, while imports jumped 24.7% to a record $863.2 billion. Elsewhere, the primary income deficit narrowed to $16.8 billion from $22.3 billion a year earlier. By contrast, the services deficit widened to $63.9 billion from $59.9 billion, while the secondary income surplus edged down to $6.7 billion from $8.1 billion. For the first three quarters of 2026, China's current account surplus climbed to a record $654.1 billion, compared with $491.2 billion in the corresponding period of 2025.

China recorded a current account surplus of $193.7 billion in Q2 2026, revised down from the initial estimate of $195.1 billion but up from $184.3 billion in Q1. The surplus in goods and services widened to $223.4 billion from $187.9 billion. Credits rose to $1.2146 trillion from $1.061 trillion, as higher prices for major commodities exported by China boosted turnover, while the country’s slowing economy prompted manufacturers to continue relying on overseas clients for orders. Meanwhile, debits in the goods and services account increased to $991.2 billion from $873.1 billion. This came despite a surge in oil prices triggered by the war in Iran, a major supplier to Chinese refineries, as China largely halted energy imports and drew on existing inventories. Elsewhere, the secondary income account recorded a slightly higher surplus of $63 million, compared with $38 million previously, while the primary income deficit widened to $359 million from $74 million.

China's current account surplus widened to $195.1 billion in the second quarter of 2026 from $128.7 billion in the the previous year, the largest surplus on record for the second quarter. The goods surplus widened to $278.9 billion from $219.1 billion in the previous period. The credit compartment of the goods account rose by 26.2% to $1.1 trillion, as higher prices for major commodities that China exports lifted turnover while China's slowing economy drove manufacturers to continue relying on foreign clients for orders. In turn, goods debits rose 25.8% to $821.5 billion despite the surge in oil prices triggered by the war in Iran, a major supplier for Chinese refineries, as China largely halted energy imports and relied on inventory. The services account deficit widened slightly to $52.4 billion from $47.1 billion. Meanwhile, the primary income deficit narrowed to $37.6 billion from $47.4 billion and the secondary income surplus widened to $6.3 billion from $4.1 billion.