Chinese exports, imports smash forecasts in September
By Benjamin Chiou
Date: Monday 13 Oct 2025
(Sharecast News) - China's trade surplus with the rest of the world fell more than expected in September to its lowest in a year as import growth hit a 19-month high - though exports still came in stronger than estimates.
In USD terms, the trade balance stood at $90.45bn last month, down from $102.33bn in August and well below the $98.96bn consensus forecast.
This was the lowest surplus registered since September 2024 when it stood at $81.69bn.
Imports grew at a year-on-year rate of 7.4% - its fastest pace since April 2024 - up from just 1.3% the month before and well ahead of the 1.5% increase expected by analysts.
This reflected stronger-than-expected domestic consumption ahead of the Golden Week national holidays which began at the start of October.
Meanwhile, export growth also outperformed forecasts, picking up to 8.3% from 4.4%. This beat the 6% estimate and marked the highest rate of growth in six months despite heightened US tariffs.
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