China Imports Rise the Most in 5 Years

China's imports surged 36.0% year-on-year to a new record of USD 286.76 billion in June 2026, accelerating from a 27.4% gain in the prior month and surpassing market forecasts of 24%. It was the 13th month of growth and the fastest pace since June 2021, driven by robust purchases of semiconductors rather than a broad-based rebound in domestic consumption. Easing Middle East tensions helped stabilise energy prices, while improving supply chains further reduced input cost pressures and supported import demand. China's coal imports jumped 29.0%, bringing H1 purchases up 1.7% from a year earlier. In contrast, oil imports tumbled 41.3% to their lowest in almost a decade as refinery run rates hit a ten-year low. Arrivals increased from major trading partners, including Japan (33.9%), South Korea (85.0%), Taiwan (41.1%), the EU (9.2%), the ASEAN countries (26.8%), the U.S. (25.9%), and Australia (65.8%). Over the first six months of the year, purchases jumped 26.6% to USD 1,549.38 billion.

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 five 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%).