China Imports Fall More than Expected

China’s imports soared 27.4% yoy to USD 271.35 billion in May 2026, accelerating from a 25.3% growth in April and topping market forecasts of 25%. It was the 12th month of growth in purchases, boosted by solid domestic demand despite rising cost pressures from supply chain disruptions and elevated energy costs due to the war in the Middle East. A relatively low base from a year earlier also helped lift the annual pace of expansion. Over the first six months of the year, imports jumped 24.5% to USD 1,261.69 billion, buoyed by robust demand from ASEAN (21.0%), the EU (8.6%), Japan (27.8%), Hong Kong (173.2%), and South Korea (56.5%), but fell from the U.S. (-5.5%). Imports of ADP equipment surged 65.1%, while purchases of semiconductors and circuits each rose 11.5% and 52.1%. Volume increases were seen for edible oils (24.2%), copper ore (36.7%), refined oil (6.74%), rare earths (40.6%), and unwrought copper (26.1%), but dropped for natural gas (-10.1%), coal (-2.9%), and steel (-8.5%).

China’s imports surged 25.3% yoy to USD 274.62 billion in April 2026, marking the second straight month of record-high purchases. While easing from a 27.8% jump in March, the latest result still comfortably exceeded market forecasts of 15.2%, lifted by firm domestic demand despite rising inflationary pressures from supply chain disruptions in the Strait of Hormuz and elevated energy costs. Over the first four months of the year, imports jumped 23.6% to USD 989.2 billion, boosted by higher demand from ASEAN (19.1%), the EU (11.5%), Japan (27.5%), Hong Kong (204.0%), and South Korea (49.5%); but fell from the U.S. (-10.9%). Imports of data processing equipment surged 60.6%, while purchases of semiconductors and integrated circuits each rose by 13.2% and 47.8%, respectively. Volume increases were seen for edible oils (25.9%), copper ore (36.9%), refined oil (14.4%), rare earths (93.3%), and unwrought copper (21.4%), but dropped for natural gas (-15.1%), coal (-5.9%), and steel (-7.8%).

China’s imports surged 27.8% year-over-year to a record USD 269.9 billion in March 2026, marking the steepest increase since November 2021 and exceeding market expectations of 11.1%. This follows February’s 13.8% rise, highlighting China’s intensified efforts to secure resources despite supply chain disruptions and elevated costs linked to the Iran conflict. High-tech imports, including semiconductors, soared 29.2%. Imports from key partners saw significant gains: ASEAN (17.5%), Japan (35.2%), South Korea (58.8%), Taiwan (14.4%), Australia (87.6%), and the EU (8.5%), while US imports edged up 1.0%. For Q1 2026, total imports rose 22.7% to USD 712.86 billion. Volume increases were notable for iron ore (10.5%), crude oil (8.9%), and rare earths (30%), though declines were recorded for soybeans (-3.1%), steel (-14.1%), and unwrought copper (-14.2%).