China’s producer price inflation advanced to 5.0% from 3.8%, registering its largest gain since June 2022. Escalating tensions in the Middle East and potential disruptions to global oil supplies spurred input costs, compressing company margins. Consumer inflation also increased to 0.9% in September from 0.8% in August, attaining its highest level since June.

In September, China’s trade surplus expanded to $133.53 billion from $88.72 billion in the same period a year prior, representing the largest surplus since January 2025. Exports increased 36.3% year-on-year, reaching a peak of $447.18 billion, while imports advanced 31.0% to a record $313.66 billion, underscoring robust trade momentum.