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China’s Trade Surplus Tops $1 Trillion As Exports Surge

by THEFUTURE.TEAM

November 10, 2026

China’s trade surplus has exceeded $1 trillion in the first 10 months of the year, as exports continue to grow despite persistent weakness in domestic demand. The figures come just ahead of an expected meeting between Chinese President Xi Jinping and U.S. President Donald Trump at the Asia-Pacific Economic Cooperation (APEC) summit in Shenzhen, bringing trade tensions back into focus.

Exports Drive China’s Trade Surplus Higher

Exports rose 35.2% year on year to $412.3 billion last month, according to China’s General Administration of Customs. Imports increased by 41.6% to $307.1 billion. Despite the faster growth in imports, the trade surplus reached $1.04 trillion between January and October.

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China is now on course to surpass last year’s record surplus of $1.2 trillion. While the $1 trillion mark was reached in November last year, it was crossed earlier in 2026.

“Exporters have been the key driving force behind China’s economy this year,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management. He expects export performance to remain strong in the near term and does not anticipate a significant change in China’s macroeconomic policy stance before the end of the year.

Demand for AI-related products, including computer chips, data-centre servers and networking equipment, has also supported export growth. Rising investment in AI infrastructure is creating new demand for manufacturers and technology suppliers, strengthening China’s export momentum.

Trade Growth Raises Stakes With Washington

Exports to the United States surged 32.9% last month, according to customs data. Xi and Trump are expected to meet at the APEC summit in Shenzhen on November 18 and 19, following several efforts to preserve a fragile truce in the countries’ trade conflict. These have included an extension of their trade arrangement and talks in Washington in September.

The summit could also bring Xi, Trump and Russian President Vladimir Putin together for trilateral discussions. However, the economic focus is expected to remain on U.S.-China relations and their implications for global trade.

China’s Trade Surplus With The EU Widens

Trade tensions are also increasing between China and the European Union. Beijing’s trade surplus with the bloc reached $310.7 billion in the first 10 months of the year, compared with $241.6 billion over the same period in 2025.

The widening imbalance is adding pressure on Brussels to protect European industries from what critics describe as unfair competition from lower-cost Chinese imports. Last month, talks in Beijing between EU trade chief Maroš Šefčovič and Chinese Commerce Minister Wang Wentao resulted in an agreement to limit exports of Chinese hybrid vehicles to Europe.

Weak Domestic Demand Leaves China Reliant On Exports

Strong overseas sales are helping offset subdued domestic consumption, which has remained weak for several years, while the property sector continues to struggle. Inflation data released on Monday also showed that price growth remains well below the government’s target of around 2%.

Exports are therefore playing a central role in helping Beijing meet its official economic growth target of 4.5% to 5.0% this year, the lowest such target in decades.

However, the record trade surplus also carries risks. Growing Chinese exports are intensifying concerns among trading partners about pressure on domestic manufacturers, potentially leading to new trade barriers, negotiations and further political friction.

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EU Services Production Grows As Information And Communication Lead

by THEFUTURE.TEAM

November 10, 2026

Services production continued to expand across the European Union in August 2026, with information and communication recording the strongest annual growth. However, performance varied significantly between industries and member states, while Cyprus reported a mixed picture, with business services expanding and hospitality-related activities declining.

Information And Communication Leads Sector Growth

Compared with August 2025, services production increased by 5.9% in the euro area and 5.8% across the EU in information and communication. Transportation and storage also recorded growth, rising by 2.1% and 1.9%, respectively.

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Real estate activities increased by 1.6% in the euro area and 1.1% in the EU. Professional, scientific and technical activities grew by 1% in both areas, while administrative and support services advanced by 1.1% and 1.3%.

Accommodation and food services was the only major sector to record an annual decline, falling by 0.1% in both the euro area and the EU.

The monthly figures were more mixed. Information and communication remained the strongest performer, increasing by 1.2% in the euro area and 1% across the EU. Real estate activities rose by 0.4% and 0.9%, respectively, while transportation and storage edged up 0.1% in the euro area but declined by 0.2% in the EU.

Administrative and support services recorded modest gains of 0.2% in the euro area and 0.1% in the EU. Accommodation and food services fell by 0.3% and 0.4%, while professional, scientific and technical activities declined by 0.8% and 0.9%, respectively.

Slovakia And Greece Record Strongest Annual Growth

Romania recorded the largest monthly increase in services production, at 5.2%, followed by Malta at 1.8% and Portugal at 1.7%. Luxembourg experienced the steepest decline, with output falling by 5.1%, followed by Bulgaria at 2.3% and Denmark at 1.9%.

On an annual basis, Slovakia led with growth of 10%, followed by Greece at 9.3% and Malta at 7.5%. Hungary recorded the weakest performance, with services production declining by 5.6%. Denmark fell by 5.3%, while Italy recorded a smaller decrease of 0.3%.

Cyprus Sees Growth In Business Services But Weakness In Hospitality

Cyprus’ latest figures show a similar divide between expanding business services and weaker hospitality-related activities. According to the Statistical Service of Cyprus (Cystat), professional, scientific and technical activities recorded the strongest annual growth among the covered sectors in the second quarter of 2026, increasing by 3.4%.

Transportation and storage and information and communication both grew by 2.1%, while real estate activities rose by 1.6%. In contrast, accommodation and food services declined by 3.1% year on year, and administrative and support services fell by 2.2%.

First-half results were more favourable for several sectors. Between January and June, professional, scientific and technical activities grew by 3.5%, transportation and storage by 2.8%, real estate by 2.1% and information and communication by 1.3%.

Nevertheless, administrative and support services contracted by 1% over the six-month period, while accommodation and food services declined by 0.7%.

How Cyprus’ Figures Differ From Eurostat’s Data

The Eurostat and Cystat figures measure different aspects of economic activity and are not directly comparable. Eurostat’s services production index tracks changes in the volume of output, whereas Cystat’s Turnover Value Index for Services and Transport measures the value of sales at current prices.

The reporting periods also differ: Eurostat’s figures cover August, while the cited Cypriot data relate to the second quarter and first half of 2026.

Cystat transmits services production data to Eurostat but does not yet publish a separate national production index. Turnover figures therefore remain the main publicly available national indicator for the sector.

Taken together, the data point to continued growth in several of Cyprus’ business-oriented services, alongside persistent pressure on accommodation, food and administrative support activities.