China’s trade surplus exceeded $1 trillion in the first ten months of 2026, as rising international demand for high-tech goods helped drive export growth, according to customs figures released on Tuesday.

Exports measured in US dollars rose 35.2% in October from a year earlier. The increase was slower than September’s 36.3% growth but above economists’ forecast of 33.5%.

The figures highlight the importance of overseas markets to China’s economy as weak domestic consumption and continued pressure in the property sector weigh on growth.

A global surge in investment in artificial intelligence infrastructure has boosted demand for technology products and equipment made by Chinese suppliers. Analysts expect demand for these exports to remain firm into 2027.

The expanding surplus could add to trade tensions with major partners concerned about competition for domestic industries. Trade policy and economic cooperation are expected to feature at next week’s Asia-Pacific Economic Cooperation summit in Shenzhen, where Chinese President Xi Jinping and US President Donald Trump are expected to meet.

Strong exports are helping support economic activity, but greater reliance on overseas buyers also leaves China exposed to tariffs, trade restrictions and protectionist measures. The figures underline the contrast between a powerful export sector and subdued domestic demand.