China’s Foreign Trade Grows 15.3% in First Five Months of 2026

China’s foreign trade continued its steady growth trajectory in the first five months of 2026, with total import and export value reaching 20.68 trillion yuan (approximately $2.9 trillion), a year-on-year increase of 15.3%, according to data released by the General Administration of Customs. The robust performance underscores the resilience of China’s manufacturing sector and deepening global trade diversification.

Exports totaled 11.91 trillion yuan, up 11.8% year-on-year, while imports reached 8.77 trillion yuan, surging 20.5% — notably outpacing export growth and signaling a strong recovery in domestic demand. In May alone, monthly trade hit 4.45 trillion yuan, up 16.9% year-on-year, marking the third consecutive month that monthly trade has exceeded 4 trillion yuan.

Trade Diversification Accelerates

A defining feature of the latest data is the accelerating shift in China’s trade geography. Bilateral trade with ASEAN reached 3.52 trillion yuan, up 16.6%, keeping the bloc as China’s largest trading partner. Trade with the European Union rose 10.3% to 2.53 trillion yuan. However, trade with the United States fell to 1.61 trillion yuan, down 6.6% — the only major partner to record a decline.

Trade with Belt and Road Initiative (BRI) partner countries reached 10.57 trillion yuan, up 13.6%, accounting for over 51% of China’s total foreign trade for the first time — a historic milestone, as People’s Daily reported.

“With the continuous release of dividends from RCEP, the upgrade of the China-ASEAN Free Trade Area, and the favorable conditions of the Belt and Road Initiative, China’s foreign trade diversification has achieved positive results,” said Lu Dongxiang, Director of the Coastal Development Think Tank, as quoted by People’s Daily.

Africa Trade Surpasses 1 Trillion Yuan Milestone

China-Africa trade reached 1.14 trillion yuan, up 18.2%, surpassing 1 trillion yuan for the first time in a January-May period. From May 2026, China fully implemented “zero-tariff” treatment for all African countries with diplomatic relations, a significant step in deepening economic ties with the continent. In May alone, China’s imports from Africa reached 95.13 billion yuan, up 15% year-on-year and marking nine consecutive months of growth.

APEC ‘China Year’ Boosts Regional Trade

As 2026 is designated the APEC “China Year,” trade with APEC economies reached 12.31 trillion yuan, up 17.4%, accounting for nearly 60% of China’s total foreign trade, according to CCTV News.

Imports Surge Signals Domestic Demand Recovery

The sharp divergence between import growth (20.5%) and export growth (11.8%) is one of the most significant data points. Zhang Xiaolan, a researcher at the National Information Center of the National Development and Reform Commission, attributed this to a series of recent diplomatic activities that have “effectively eased trade frictions and stabilized market tariff expectations.” She also highlighted the role of national-level exhibition platforms such as the Canton Fair and the China International Consumer Products Expo in smoothing cooperation channels between China and the world.

Industrial Upgrading Continues

Mechanical and electrical products remained the backbone of China’s exports, totaling 7.58 trillion yuan, up 18.4%, and accounting for 63.6% of total exports. The “New Three” — electric vehicles, lithium batteries, and photovoltaic products — continued their strong growth trajectory. In contrast, labor-intensive product exports fell 3.1% to 1.61 trillion yuan, reflecting a structural shift away from low-end manufacturing.

On the import side, mechanical and electrical product imports rose 25.3% to 3.54 trillion yuan, while crude oil imports fell 4.8% to 2.18 billion tons. Agricultural product imports grew 7.6% to 618.16 billion yuan.

Private enterprises continued to dominate China’s trade landscape, handling 11.81 trillion yuan worth of trade, up 15.5% and accounting for 57.1% of the total. Foreign-invested enterprises contributed 6.02 trillion yuan (up 15.7%), while state-owned enterprises handled 2.81 trillion yuan (up 14.0%).

Analysis and Outlook

The 15.3% growth rate, particularly the 16.9% monthly expansion in May, signals robust economic momentum despite global headwinds. The World Bank projects global growth of just 2.5% for 2026, making China’s trade performance all the more notable.

Customs spokesperson Lyu Daliang said, “Since the beginning of this year, under the strategic guidance of head-of-state diplomacy, China has actively deepened pragmatic cooperation with global economic and trade partners, injecting stability into international economic and trade operations.”

Looking ahead, key questions remain: whether the “New Three” can sustain momentum amid potential trade barriers from the EU and US, and how China’s deepening engagement with Africa and BRI partners will reshape global trade patterns. With BRI trade now exceeding half of China’s total, the structural realignment of the country’s trade relationships appears to be entering a new phase.