A Historic First Half
China's total goods trade reached 25.47 trillion yuan in the first half of 2026, up 16.9% year-on-year and a fresh record for any first half, customs data showed. Exports rose 13.4% to 14.73 trillion yuan, while imports climbed 22.1% to 10.74 trillion yuan — the first time H1 imports have surpassed the 10-trillion-yuan mark.
Momentum Accelerates Into Q2
- Q2 trade: 13.61 trillion yuan, +18.4% — the strongest quarter since Q3 2021
- June alone: 4.78 trillion yuan, +24.2% — the 17th consecutive month of growth
- Belt & Road partners: 12.97 trillion yuan, +14.8%
- Private firms: 14.53 trillion yuan, +17.0%, or 57% of total trade
What's Driving It
Mechanical and electronic (ME) products accounted for 9.36 trillion yuan of exports, up 20.1% and 63.5% of total exports, reflecting China's deepening role as a supplier of capital and technology-intensive goods. Automobile exports alone hit 635.82 billion yuan, up 48.3%.
Why It Matters
The import rebound signals recovering domestic demand and rebuilt inventories, while export strength provides a crucial growth cushion as the property sector remains in correction. Whether the pace holds through H2 will hinge on global demand and trade-policy conditions.