China Import Growth Slows from Five-Year High

China's imports rose 27.5% year-on-year to USD 285.35 billion in July 2026, broadly in line with market forecasts of 27.9%. The pace eased from June’s 36% surge, the strongest since June 2021, signaling softer domestic demand amid weather and logistics disruptions. At a late-July policy meeting, authorities pledged faster fiscal rollout and timely monetary easing but stopped short of concrete steps to spur household consumption. The latest figures also coincided with renewed U.S.–China trade tensions, as both sides exchanged retaliatory measures ahead of September’s summit. By source, imports increased from South Korea (97.8%), Taiwan (36.6%), Australia (36.8%), ASEAN (36.0%), Japan (29.3%), and the U.S. (15.3%), but slipped from the EU (-1.4%). For January–July, imports grew 26.7% to USD 1.83 trillion. Iron ore imports rose 5.9% during the period, while purchases of natural gas fell 3% and those of crude oil dropped 13.2%.

China’s imports surged 36.0% year-on-year to a record $286.76 billion in June 2026, outpacing forecasts of 24% and marking the fastest growth since June 2021, as soaring chip prices and global demand for AI data center hardware boosted trade across Asia. Easing Middle East tensions and improved supply chains also supported import growth. Natural gas imports rose to a five-month high of 10.93 million tons, and coal shipments jumped 30% after mine safety crackdowns restricted domestic supply. Copper imports rose 3.1%, and iron ore imports climbed 6.4% to the year’s highest, driven by pre-year-end shipments from Australia. Soybean imports increased 11% to a 13-month high on arrivals from both Brazil and the US. Crude oil purchases, however, plunged 41% to the lowest since October 2016, due to the Iran war. Imports grew sharply from South Korea (85.0%), Taiwan (41.1%), Australia (65.8%), ASEAN (26.8%), and Japan (33.9%). In the first half of 2026, imports rose 26.6% to $1.55 trillion.

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%).