On April 14, the General Administration of Customs released data showing that China’s total goods trade in the first quarter of 2026 reached 11.84 trillion yuan, up 15% year-on-year and exceeding 11 trillion yuan for the first time in the same period. Exports amounted to 6.85 trillion yuan, up 11.9%, while imports hit 4.99 trillion yuan, rising 19.6%. Import growth outpaced exports for three consecutive months, narrowing the trade surplus to 1.86 trillion yuan, down 8.3% year-on-year.

By product, exports of mechanical and electrical products grew steadily by 13.5% to 3.98 trillion yuan, accounting for 58.1% of total exports. Exports of China’s “new three” — new energy vehicles, lithium batteries, and solar panels — rose a combined 28.7%, serving as a core export driver. On the import side, energy products and metal ore saw volume and price increases. Energy imports reached 291 million tonnes, up 4.4%, metal ore imports 405 million tonnes, up 13.2%, and mechanical and electrical product imports 1.97 trillion yuan, up 21.7%, reflecting improving domestic industrial and consumer demand.

By market, trade with ASEAN, the EU, and the U.S. rose 22.3%, 14.8%, and 12.1% respectively. Trade with countries along the Belt and Road increased 20.5%, accounting for 36.2% of total trade. Analysts attributed the strong Q1 performance to a global recovery, improving external demand, industrial upgrading, and trade diversification. Faster import growth signals strengthening domestic demand, providing support to the global economy. The RMB exchange rate was boosted by the data, with the central parity rate at 6.8593, maintaining a strong tone.