China just posted a $451.71 billion trade surplus for the January-to-May period of 2026, according to figures from the General Administration of Customs. That’s a staggering number by any measure, though here’s the twist: it’s actually down from the $471.9 billion recorded during the same stretch in 2025.
May’s numbers tell the real story
The headline figure covers five months, but May was the standout performer. China’s trade surplus hit $105.43 billion for the month alone, marking the largest single-month surplus since January.
Exports drove the surge, climbing 19.4% year-on-year to reach $376.78 billion. That’s a record monthly export figure. Imports weren’t slouching either, rising 27.4% to $271.35 billion.
For the full January-to-May window, the growth rates were slightly more modest. Exports rose 15.5% while imports increased 24.5%. The fact that imports grew faster than exports explains why the cumulative surplus shrank compared to the same period last year, even as absolute trade volumes expanded significantly on both sides of the ledger.
The US-China trade dynamic keeps shifting
Perhaps the most politically charged number buried in the data is the bilateral trade surplus with the United States. In May, that figure rose to $26.02 billion, up from $23.07 billion in April. That’s roughly a 13% month-over-month increase in a trade imbalance that has been a central flashpoint in US-China relations for years.
For context, China’s full-year 2025 trade surplus set an all-time record at $1.189 trillion. Rising energy prices, particularly from Middle East suppliers, are one factor putting upward pressure on China’s import bill. The 27.4% jump in May imports partly reflects this dynamic, not just increased appetite for foreign goods.