China’s Goods and Services Surplus Widens to $100.6bn in September, Up 30% on the Year

By The Edge Research Team

China’s surplus on trade in goods and services rose to $100.6 billion in September, the State Administration of Foreign Exchange said on Friday, 30.3% more than a year earlier.

Exports of goods and services grew 29.3% on the year and imports 29.0%, so the surplus widened mostly because exports start from the larger base. In The Edge’s reading, services are the line to watch: the services deficit absorbed 18.5% of the goods surplus in September, up from 17.9% a year earlier, and it is growing faster than the goods surplus. The month rounds off a third quarter in which the surplus reached $286.2 billion.

The series follows balance of payments rules, recording transactions between residents and non-residents, so it differs from the customs trade figures for September set out earlier. SAFE prepares the data in dollars and converts them to yuan at the month’s average central parity rate; the monthly figures are preliminary and may differ from the quarterly balance of payments.

The goods surplus climbs to $123.5 billion

The goods account carried the month. Its surplus reached $123.5 billion, 31.4% more than in September 2025. It was also 6.2% higher than in August.

Both sides of goods trade grew at almost the same pace. Exports of goods rose 31.8% on the year, to $440.5 billion. Imports of goods rose 32.0%, to $317.0 billion.

Imports equalled 79.1% of exports of goods and services in September, little changed from 79.2% a year earlier. That is why the surplus grew in step with trade itself rather than faster than it.

Against August, imports grew faster than exports, by 15.2% against 13.3%. The surplus still widened by $6.2 billion, because the export base is larger.

China’s trade in goods and services (in $ billions)

Exports and imports cover goods and services; balance of payments basis, preliminary monthly data as each release printed them.

Transport and business services widen the services gap

The services deficit widened to $22.9 billion, from $16.8 billion a year earlier. Services exports rose 6.6% while services imports rose 15.8%.

Travel is still the largest deficit item, at $15.6 billion, or 68.1% of the services deficit. It narrowed slightly from $16.7 billion a year earlier. Residents spent $20.5 billion on travel abroad, 4.2 times what visitors spent in China.

The widening came from elsewhere. The transport deficit widened to $7.8 billion from $4.6 billion. Transport receipts fell 15.6% on the year while payments rose 10.4%.

Other business services moved further. They ran a $4.1 billion surplus in September 2025. This time receipts and payments were both $11.0 billion, because payments doubled.

By turnover, transport overtook travel as the largest services item, at $26.2 billion of exports and imports combined against $25.4 billion for travel. In August travel had led.

Telecommunications, computer and information services stayed in surplus, at $2.3 billion. Their exports rose 21.3% on the year, to $7.4 billion.

Services balance by item (in $ billions)

Selected items; the total covers all 12 service items. Intellectual property is charges for its use; telecoms and computer includes information services.

The third quarter runs 27.7% ahead of 2025

Adding July and August, the third-quarter surplus on goods and services reached $286.2 billion, against $224.2 billion in the same three months of 2025.

The goods surplus for the quarter was $350.1 billion, 28.2% higher. The services deficit grew faster, by 30.7%, to $63.8 billion.

Each month of the quarter ran above its level a year earlier. The monthly surplus rose from $91.2 billion in July to $100.6 billion in September.

In yuan the rise is less steep. The September surplus of RMB 680.5 billion was 24.0% above a year earlier. In dollars the rise was 30.3%.

The gap comes from the conversion rate. The Edge calculates from the release’s own export values that a dollar converted into 6.76 yuan in September, against 7.11 a year earlier. On that basis the yuan was 5.1% stronger.

The second-quarter balance of payments, set out earlier, shows what primary income takes back from the trade surplus. It recorded a primary income deficit of $35.9 billion inside a current account surplus of $193.7 billion.

Goods and services balance by month (in $ billions)

Quarter totals are sums of the monthly releases, which are preliminary and are not the quarterly balance of payments.

Foreign exchange turnover rises 9.5% on the year

The foreign exchange market data released the same day put September turnover at RMB 29.42 trillion, equivalent to $4.35 trillion. That was 12.0% more than in August and 9.5% more than in September 2025.

Client business outpaced interbank dealing. The client market reached RMB 5.36 trillion, 24.7% above August. Interbank dealing rose 9.4%, to RMB 24.06 trillion.

Derivatives made up 66.6% of turnover, against 63.3% a year earlier. Spot dealing, at RMB 9.84 trillion, was 0.3% below its level of September 2025.

Over the first nine months, RMB 236.88 trillion changed hands. That was 2.9% more than a year earlier in yuan, and 7.6% more in dollar terms.

Separate bank settlement data, published on 20 October, cover foreign currency that banks bought and sold for clients and on their own account. In September banks bought $294.2 billion and sold $238.0 billion. Net purchases were $56.2 billion.

That net figure equalled 55.9% of the month’s goods and services surplus. The settlement data also include investment flows, so the ratio is a guide rather than a measure of trade receipts alone.

Foreign exchange market turnover (in RMB trillions)

Excludes foreign currency pairs; client plus interbank, and spot plus derivatives, each add up to the total, subject to rounding.

Method: figures are from the agency’s monthly releases on trade in goods and services and on foreign exchange market transactions, its 20 October 2026 bank settlement release and its 29 September 2026 balance of payments release; percentage changes, sums, shares, ratios and implied conversion rates not attributed to a source are The Edge’s calculations.

Primary source: State Administration of Foreign Exchange, Data on International Trade in Goods and Services of China in September 2026, 30 October 2026.

Sources: State Administration of Foreign Exchange, The Edge.

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