China’s latest trade figures point to a stronger-than-expected start to 2026. According to data from the General Administration of Customs, China’s total goods trade climbed 15 percent year on year in the first quarter to 11.84 trillion yuan, with exports up 11.9 percent to 6.85 trillion yuan and imports jumping 19.6 percent to 4.99 trillion yuan.
That follows an even more dramatic surge in the first two months, when foreign trade rose 18.3 percent and exports leapt more than 19 percent, underpinned by robust demand for high-tech and higher value-added mechanical and electrical products.
Analysts say the numbers confirm that external demand, especially for AI-related hardware and electronics, is giving Beijing breathing room as it confronts a still-sluggish property sector and weak domestic confidence.
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The March breakdown, however, shows momentum is also shifting. Export growth cooled sharply to 2.5 percent in March, after a 21.8 percent year-on-year jump over January-February, suggesting that the post-Lunar New Year surge and front‑loading of orders may have passed their peak.
Shipments to the United States fell 26.5 percent to US$29.4 billion, underscoring how geopolitics and tariffs continue to reshape supply chains even as overall Chinese exports expand.
By contrast, imports in March rose 27.8 percent, the strongest performance since late 2021 and well above market forecasts, driven in part by greater purchases of energy, raw materials and capital goods.
