What changed
China’s imports grew faster than its exports in the first three quarters of 2026. Exports reached 23.2 trillion yuan, up 16.4%, while imports rose 22.3% to 16.74 trillion yuan; September imports crossed 2 trillion yuan for the first time.
Why it matters
The sharper rise in imports points to a market buying more than finished consumer goods. Chinese manufacturers increased purchases of key industrial inputs, including integrated circuits, up 56.6%, and memory components, up 1.5 times. Metal-ore imports topped 1.2 billion tonnes, while oil and gas imports exceeded 400 million tonnes.
That makes the import figures a useful glimpse of China’s industrial appetite. Components tied to AI and data infrastructure are moving through the economy alongside the raw materials needed to keep factories running. A brokerage estimate cited in the reporting said AI-related imports contributed 57.4% of overall import growth during the first eight months, though that estimate was not independently verified.
Consumers are also pulling in more overseas products. Imports of Malaysian durians rose 3.3 times, while salmon from the Faroe Islands, Italian olive oil and French perfume all recorded strong gains. The result is a two-track expansion: businesses are buying machinery and components, while households are buying more variety.
China says zero-tariff treatment now covers 63 countries. Imports from those countries rose 15.3% in the first three quarters, and the ninth China International Import Expo is scheduled for November. If this pace reflects durable demand rather than inventory, investment or price effects, foreign suppliers may be looking at a larger Chinese market even as trade barriers elsewhere multiply.
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