China’s dollar imports rise 41.6% in October, growing faster than exports

China’s imports grew faster than its exports in October. In dollar terms, imports rose 41.6% on October 2025 to $307.1 billion and exports 35.2% to $412.3 billion, according to General Administration of Customs (GACC) data released on November 10 and reported by the South China Morning Post and Taiwan’s Commercial Times. The monthly surplus was $105.3 billion, down from $133.5 billion in September, according to Hong Kong broadcaster RTHK.

In yuan, October trade totalled 4.87 trillion (+31.2%), with exports of 2.79 trillion (+28.7%) and imports of 2.08 trillion (+34.7%), according to the Customs text reproduced by China News Service. From January to October, trade reached 44.81 trillion yuan (+20%): exports 25.99 trillion (+17.6%) and imports 18.82 trillion (+23.6%). In dollars, the year-to-date total is $6.52 trillion (+25.3%) and the surplus $1.04 trillion.

The mix explains the rise. Through October, exports of machinery and electronics reached 16.81 trillion yuan (+25.2%), labour-intensive products 3.45 trillion (+2.4%) and agricultural products 622.08 billion (+3.9%). On the import side, machinery and electronics totalled 8.17 trillion (+35%) and agricultural products 1.29 trillion (+4.6%), while China bought 400 million tonnes of crude oil, 15.1% less by volume.

By partner, ASEAN remains the largest: 7.68 trillion yuan from January to October (+24.2%). Trade with the European Union totalled 5.29 trillion (+8.5%) and with the United States 3.59 trillion (+6.3%). Belt and Road countries accounted for 22.88 trillion (+18.5%). The Customs text does not break out other countries, such as Brazil.

For Wang Qing, chief macro analyst at Golden Credit Rating, interviewed by Jiemian, the main export driver is global investment in artificial intelligence, which is pushing up prices of chips, electronic components and computer parts. He says chips now account for 20% of China’s imports and expects exports to grow about 26% in November.

CSP take: for buyers of electronics, components and equipment in China, the picture is busy suppliers and contested inputs, which weighs on lead times and price adjustments. In traditional categories such as textiles and furniture, exports are barely growing. This reading is ours, not Customs’.