Headline Numbers
China's goods trade extended a strong run in July 2026, with total imports and exports reaching 4.66 trillion yuan, up 19.2% year on year, according to data released by the General Administration of Customs on August 7, 2026. It was the fifth consecutive month in which monthly trade exceeded 4 trillion yuan.
For the first seven months of the year, total goods trade came to 30.13 trillion yuan, a 17.3% increase from a year earlier and 0.4 percentage points faster than the 16.9% pace recorded in the first half.
| Indicator (Jan-Jul 2026) | Value | Year-on-year |
|---|---|---|
| Total goods trade | 30.13 trillion yuan | +17.3% |
| Exports | 17.44 trillion yuan | +14.0% |
| Imports | 12.69 trillion yuan | +22.0% |
| July total trade | 4.66 trillion yuan | +19.2% |
| July exports | - | +17.8% |
| July imports | 1.94544 trillion yuan | +21.2% |
Imports Outpace Exports
The defining feature of 2026 trade data so far is that import growth continues to run ahead of export growth. Cumulative imports rose 22.0% against 14.0% for exports in the January-July period, a reversal of the export-led pattern that dominated previous years and a sign of firmer domestic industrial demand and higher commodity price effects.
In dollar terms, customs reported July exports up 23.9% year on year and imports up 27.5%. Both readings decelerated from June, when exports rose 27% and imports 36%. The monthly trade surplus narrowed to $112.5 billion from $125.62 billion in June.
High-Tech Products Drive the Increment
Customs highlighted that exports of high-technology products, including industrial robots and 3D printers, grew more than 50% year on year in July. That is well above the 39% pace recorded in the first half and contributed close to 60% of July's total export increment.
Semiconductor exports were a standout, with export value roughly doubling year on year, reflecting both capacity additions in domestic memory and logic production and firm global pricing for chips through the middle of 2026.
Commodity Imports Diverge Sharply
Beneath the strong headline import figure, physical volumes told a mixed story:
- Crude oil imports fell to 35.726 million tonnes in July, down 24.3% year on year;
- Iron ore and concentrate imports rose 3.3% to 108 million tonnes;
- Soybean imports slipped 1.6% to 11.477 million tonnes.
The gap between the 21.2% yuan-denominated import value increase and falling crude volumes underlines how much of the import surge reflects price effects and higher-value equipment and components rather than uniform volume growth.
Policy Context
The late-July Politburo meeting described the economy as showing momentum shifting toward new drivers and an improving structure, while also warning of difficulties and challenges in economic operations. Trade has so far been the clearest bright spot: exports have held up despite an uneven global demand backdrop, and the concentration of growth in high-tech categories supports Beijing's argument that the export mix is upgrading.
The data land alongside other August releases pointing to a stabilizing external sector, including foreign exchange reserves of $3.4188 trillion at the end of July and a 21st consecutive month of central bank gold purchases.