中国对主要贸易伙伴的出口普遍走强，其中对美出口增长39.6%，对欧盟出口增长25.3%，加剧了贸易伙伴对低价商品冲击本土产业与就业的担忧。欧盟与中国近期刚就混合动力车配额达成协议以缓解摩擦，而美国总统川普也预计于下个月在深圳与中国国家领导人习近平举行双边会晤。与此同时，由于中东局势引发的国际油价上涨，中国9月份进口亦同比增长了31%。
亮眼的贸易数据掩盖了中国国内经济增长放缓与内需疲软的困境。房地产长期低迷拖累了经济表现，第二季度GDP仅增长4.3%，低于官方目标区间下限。9月消费者物价指数微幅上升0.9%，生产者物价指数上升5%，主要受进口能源成本上涨推动而非本土需求复苏，分析师警告下游产业恐面临成本压力与需求疲弱双重打击的「不良通胀」风险。
China's exports surged by 36.3 per cent year on year in dollar terms in September, comfortably beating market forecasts and pushing the monthly trade surplus to a record $133.5bn. Over the first nine months, the cumulative surplus hit $938.1bn, putting the country on course to eclipse last year's annual record. The export boom was largely fueled by booming shipments of AI-related electronics, notably chips and data-processing machinery, with semiconductor export values soaring 136 per cent largely due to escalating chip prices.
Shipments to China's major trading partners rose sharply, expanding 39.6 per cent to the US and 25.3 per cent to the EU, stoking persistent concerns abroad that cheap Chinese goods could undermine domestic manufacturing and employment. The EU recently negotiated import quotas on Chinese hybrid vehicles to mitigate tensions, while US President Donald Trump is scheduled to meet Chinese leader Xi Jinping in Shenzhen next month. Meanwhile, surging oil costs driven by Middle East unrest pushed China's dollar-denominated imports up by 31 per cent.
This blockbuster trade performance stands in sharp contrast to subdued domestic economic conditions weighed down by a prolonged property slump and weak internal demand. Second-quarter GDP growth slowed to 4.3 per cent, falling below the lower bound of the annual target. Although consumer prices inched up 0.9 per cent and producer prices rose 5 per cent in September, economists attributed factory-gate inflation primarily to imported energy costs rather than robust local demand, warning of cost pressures on downstream sectors.