China Import Growth at 5-Month Low

China’s imports rose 5.7% yoy to the highest in nearly four years of USD 243.64 billion in December 2025, picking up from a 1.9% gain in the previous month and easily surpassing market forecasts of 0.9%. It was the seventh straight monthly increase and the fastest pace since September, underscoring resilient year-end demand amid Beijing’s policy support and pre-Lunar New Year restocking. For 2025 as a whole, imports stalled at USD 2.58 trillion, with stronger demand from Japan (5.5%), Hong Kong (72.6%), Taiwan (6.0%), South Korea (3.1%), and India (9.7%) offsetting declines from the U.S. (-14.6%), ASEAN (-1.6%), the EU (-0.4%), and Russia (-3.9%). By product, import values rose for automatic data equipment (18.2%), high-tech goods (9.3%), and integrated circuits (10.1%), but fell for refined oil (-18.2%), natural gas (-13.0%), steel (-10.7%), and coal & lignite (-30.6%). Purchases in 2026 are expected to remain modest, hinging on domestic demand, policy support, and global trade ties.

China’s imports rose 1.9% yoy to USD 218.7 billion in November 2025, accelerating from 1.0% in the prior month and marking the sixth consecutive month of growth. A trade truce with the U.S. reached during the month may have boosted buying activity, but growth still lagged the 2.8% forecast, reflecting weak labor market conditions, soft consumer confidence, and cautious business spending. Over the first ten months of the year, imports fell 0.6% to USD 2.34 trillion, weighed down by weaker demand from the U.S. (-13.2%), the ASEAN countries (-1.2%), the EU (-2.1%), and Russia (-5.9%). During the period, import values of refined oil (-19.3%), natural gas (-14.3%), steel (-10.9%), and coal & lignite (-33.5%) dropped, while automatic data equipment (18.2%), high-tech products (8.8%), and integrated circuits (9.2%) rose. Purchases in 2026 are expected to remain modest, with growth hinging on domestic demand, policy support, and global trade relations.

China’s imports rose 1.0% yoy to USD 215.3 billion in October 2025, the lowest in four months, decelerating from a 7.4% surge in the prior month and missing market estimates of 3.2%. While marking the fifth straight month of growth, the latest result was the weakest pace since May, highlighting subdued domestic demand despite holiday spending, and unsettled job markets. Tensions between Beijing and Washington flared in early October after President Trump threatened 100% tariffs on Chinese goods in response to Beijing’s expanded export curbs on rare earth metals. The situation eased after a meeting between Trump and Xi Jinping in South Korea last week, where both leaders agreed to extend their trade truce, originally set to expire on Nov. 10, for another year. For the first ten months of the year, China’s imports fell 0.9% to USD 2.12 trillion, weighed down by declines from the U.S. (-11.9%), the EU (-1.7%), and Russia (-5.9%), while imports from ASEAN countries were little changed.