All-Time Record for Any First Half
China's total goods trade reached 25.47 trillion yuan in H1 2026 — the highest figure ever recorded for any six-month period — growing 16.9% year-on-year, customs data showed on July 14. The milestone underscores China's dominant position in global supply chains even as geopolitics and trade-restriction risks mount.
The Numbers in Full
| Metric | H1 2026 | Change YoY |
|---|---|---|
| Total trade | 25.47 trillion yuan | +16.9% |
| Exports | 14.73 trillion yuan | +13.4% |
| Imports | 10.74 trillion yuan | +22.1% |
| June alone | 4.78 trillion yuan | +24.2% |
| New energy vehicle exports | Not broken out | Part of auto total |
June was the 17th consecutive month of positive trade growth, and the first time H1 imports have cleared 10 trillion yuan — a sign of both domestic demand recovery and import substitution in strategic goods.
Structural Drivers
- Mechanical & electronic goods: 9.36 trillion yuan (+20.1%), 63.5% of all exports
- Automobiles: 635.82 billion yuan (+48.3%) — the single fastest-growing major category
- Belt & Road partners: 12.97 trillion yuan (+14.8%)
- Private firms: 14.53 trillion yuan (+17.0%), representing 57% of total trade
Risks on the Horizon
Tariff escalation from the US and EU on EVs and other strategic goods poses a growing headwind. The strong H1 base also raises the comparison denominator for H2. Sustained export leadership will depend on shifting further up the value chain and deepening non-Western trade partnerships.