China Imports Hit Record High Amid Global Supply Pressures

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%).

China’s imports soared 19.8% yoy to USD 442.96 billion in the first two months of 2026, far above market expectations of 6.3% and after a 5.7% increase in the prior month. It was the strongest pace of purchases since early 2022, boosted by solid domestic demand during the festive season. Imports grew from Japan (26.5%), Hong Kong (322.9%), South Korea (35.8%), Taiwan (19.2%), ASEAN (12.9%), and the EU (11.7%), but fell from the U.S. (-26.7%). Crude oil imports jumped 15.8% to 96.93 million metric tons, as refiners kept throughput high and boosted stockpiles. Imports of copper concentrates and ores rose 4.9% to 4.93 million tons, while coal purchases added 1.5% to 77.22 million metric tons. In contrast, arrivals of unwrought copper fell 16.1% to 700,000 tons. Natural gas imports dropped 1.1% to 20.02 million tons. This year, imports are expected to grow modestly, helped by policy support aimed at boosting consumption, though property weakness and trade tensions may cap growth.