In October 2025, China's international trade in goods and services reached RMB 4,285.8 billion (USD 604.1 billion), comprising goods exports of RMB 2,163.0 billion (USD 304.9 billion) and imports of RMB 1,521.7 billion (USD 214.5 billion), yielding a goods trade surplus of RMB 641.3 billion (USD 90.4 billion). In contrast, services trade recorded a deficit of RMB 79.7 billion (USD 11.3 billion), with exports of RMB 260.7 billion (USD 36.7 billion) and imports of RMB 340.4 billion (USD 48.0 billion).

Within the services segment, key contributors included:

• Travel: Exports RMB 39.6 billion, Imports RMB 135.5 billion

• Transport: Exports RMB 68.7 billion, Imports RMB 101.8 billion

• Other business services: Exports RMB 65.2 billion, Imports RMB 34.0 billion

• Telecommunications, computer and information services: Exports RMB 42.6 billion, Imports RMB 23.2 billion

Other categories, including intellectual property charges, insurance, financial services, and personal, cultural and recreational services, also influenced the overall services deficit. Notably, construction and manufacturing services on physical inputs owned by others contributed modest positive balances.

Contextual Notes for Analysts:

• Data are compiled on a balance-of-payments (BOP) basis, reflecting transactions between Chinese residents and non-residents.

• Goods statistics focus on transactions with ownership transfer, valued on a FOB basis; imports include international transport and insurance costs reclassified into services.

• Services encompass a broad spectrum: from transport, travel, and construction to financial, IP-related, IT, and business services. Detailed definitions follow international BOP guidelines.

• Monthly figures are preliminary; discrepancies may exist compared with quarterly BOP releases.

Implications for International Investors and Trade Analysts:
The strong goods surplus reflects ongoing competitiveness in China's export sectors, while the persistent services deficit—particularly in travel and transport—underscores continued outbound consumption by Chinese residents and opportunities for foreign service providers. Export growth in high-value services, such as IT and professional consulting, highlights China's expanding capabilities in knowledge-intensive sectors.

In USD terms, China posted a combined trade surplus of USD 79.2 billion for goods and services in October 2025, maintaining a positive net external position amid global economic uncertainty.