China Records Record Q2 Current Account Surplus

China’s current account surplus widened to $195.1 billion in the second quarter of 2026 from $128.7 billion in the the previous year, the largest surplus on record for the second quarter. The goods surplus widened to $278.9 billion from $219.1 billion in the previous period. The credit compartment of the goods account rose by 26.2% to $1.1 trillion, as higher prices for major commodities that China exports lifted turnover while China’s slowing economy drove manufacturers to continue relying on foreign clients for orders. In turn, goods debits rose 25.8% to $821.5 billion despite the surge in oil prices triggered by the war in Iran, a major supplier for Chinese refineries, as China largely halted energy imports and relied on inventory. The services account deficit widened slightly to $52.4 billion from $47.1 billion. Meanwhile, the primary income deficit narrowed to $37.6 billion from $47.4 billion and the secondary income surplus widened to $6.3 billion from $4.1 billion.

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