China's trade surplus surpasses $1 trillion for a 2nd straight year, as exports surge 35%

HONG KONG (AP) — China’s trade surplus exceeded $1 trillion for a second straight year , according to official data released Tuesday, as pressure mounts for greater balance in trade with Beijing.

Exports in October surged 35.2% from a year earlier, the customs agency said. Exports have grown rapidly this year supported by high-tech goods like semiconductors and autos. Imports rose 41.6% year-on-year.

Between January and October, China logged a $1.04 trillion trade surplus, even as the trade surplus narrowed last month to $105.3 billion from $133.5bn in September as imports picked up pace.

That puts China on track for surpassing last year’s record $1.2 trillion trade surplus.