China Exports Unexpectedly Fall in October

China’s exports jumped 21.8% year-on-year to USD 656.58 billion in January–February 2026, accelerating sharply from a 6.6% rise in December and easily surpassing market forecasts of 7.1%. The surge marked the fastest growth in outbound shipments since October 2021, supported by firm global demand and a strong start to the year. Sales increased to Japan (8.9%), Hong Kong (38.7%), South Korea (27.0%), Taiwan (28.7%), Australia (29.4%), the ASEAN countries (29.4%), and the EU (27.8%), but shrank to the U.S. (-11.0%). Sales of refined oil products, including diesel, gasoline, aviation fuel, and marine fuel, rose 12.7% to 8.13 million tons. President Trump’s renewed 2025 tariffs barely slowed China’s industrial momentum, as manufacturers redirected exports to Southeast Asia, Africa, and Latin America to offset the impact of U.S. tariffs. Meanwhile, analysts noted that China’s resilient exports and lower 2026 GDP growth target could delay the rollout of economic stimulus.

China’s exports rose by 6.6% yoy to a record peak of USD 357.8 billion in December 2025, surpassing expectations of 3.0% growth and accelerating from a 5.9% gain in November. It marked the strongest growth since September, driven by a surge in exports to non-US markets, as governments have sought to diversify export destinations since Trump’s victory in the November 2024 presidential election and to deepen trade ties with ASEAN and the EU. Among major trading partners, exports grew to ASEAN (11.1%), China's largest trading partner in bloc terms, the EU (11.6%), Latin America (9.8%), Africa (21.8%), Japan (5.3%), Taiwan (11.2%), and Australia (12.9%). However, exports to the US plunged 30% in December after slumping 28.6% in November, and fell 20% for the full year 2025 due to the impact of newly imposed US tariffs, even though the US and China agreed to scale back some of their duties. For the whole of 2025, China’s exports rose 5.5% from a year earlier to USD 3.77 trillion

China's exports increased by 5.9% year-on-year to an eleven-month high of USD 330.3 billion in November 2025, surpassing expectations for 3.8% growth and recovering from a 1.1% fall in October. The rebound in outbound shipments was boosted by a surge in exports to non-US markets amid governments’ efforts to diversify their export destinations since Trump won last November's presidential election and to deepen trade ties with ASEAN and the EU. Among major trading partners, exports grew to Japan (4.3%), South Korea (1.9%), Taiwan (12.8%), Australia (35.8%), ASEAN (8.2%), and the EU (14.8%), while shipments to the US slumped by 28.6%, even though the US and China agreed to scale back some of their tariffs. Year-to-date, China’s exports rose 5.4% from a year earlier to USD 3.41 trillion. During the period, export growth was recorded in several key product categories, including agricultural products (1.2%), ICs (24.7%), fertilizer (61.5%), textiles (0.9%), cars (16.7%), and LCDs (10.5%).