18.3%! China's Foreign Trade Gets Off to a "Great Start" January-February Import-Export Volume Reaches Record High for the Same Period, Two-Digit Growth in Exports to Multiple EU Countries

Financial and trade data from the General Administration of Customs show that in the first two months of 2026, China’s total foreign trade value reached 7.73 trillion RMB, an 18.3% increase year-on-year, setting a new record for the same period. Exports totaled 4.62 trillion RMB, up 19.2%; imports were 3.11 trillion RMB, up 17.1%.

Feng Lin, Executive Director of the Research and Development Department at Dongfang Jincheng, told the Daily Economic News that the strong export growth in the first two months was partly due to the delayed Chinese New Year, which lowered the base for the same period last year, and the late holiday this year led to a significant pre-holiday export rush. Additionally, global AI (artificial intelligence) investment has heated up, and semiconductor industry prices have surged, providing strong support for China’s export figures.

Exports grew 36.1% in February

According to data from the General Administration of Customs, in February 2026, China’s total import and export value was 3.56 trillion RMB, a 24.5% increase. Exports were 2.10 trillion RMB, up 36.1%; imports were 1.46 trillion RMB, up 10.9%.

Analysis shows that the 36.1% export growth in February not only exceeded expectations but also reached the highest level in nearly 59 months. Bai Ming, a researcher at the Ministry of Commerce’s Institute of International Trade and Economic Cooperation, told the Daily Economic News that the February export increase was influenced by seasonal factors. However, the data for the first two months still demonstrates resilience in China’s foreign trade and a clear recovery in the global industrial chain. Exports to ASEAN and Europe have shown steady growth.

Feng Lin pointed out that early-year external demand was strong, significantly boosting overall exports. Data from the China Federation of Logistics & Purchasing show that in January and February, the global manufacturing PMI (Purchasing Managers’ Index) was 51.0% and 51.2%, respectively, remaining in expansion territory. This has led to a rebound in exports of labor-intensive products such as textiles, clothing, footwear, bags, toys, and furniture, with some sectors shifting from negative to positive growth. Notably, exports to South Korea and Vietnam remained high at the start of the year, confirming the strong growth trend in global trade and China’s exports.

Additionally, customs data show that in the first two months, private enterprises’ imports and exports totaled 4.51 trillion RMB, a 22.8% increase; foreign-invested enterprises’ trade was 2.2 trillion RMB, up 15.3%; state-owned enterprises’ trade was 1 trillion RMB, up 7.4%.

Greater Cooperation Between China and Europe

Customs data indicate that in the first two months, China’s trade with ASEAN reached 1.24 trillion RMB, a 20.3% increase; with the EU, trade was 998.94 billion RMB, up 19.9%; with the US, it was 609.71 billion RMB, down 16.9%. During the same period, China’s total imports and exports with Belt and Road Initiative countries reached 4.02 trillion RMB, a 20.0% increase.

The Daily Economic News found that, based on RMB valuation, China’s exports to major European countries such as Germany, France, the UK, Italy, and the Netherlands all grew by double digits in the first two months. For example, exports to Germany increased by 28.3%, to France by 28.9%, to the UK by 23.8%, and to Italy by 33.2%.

Bai Ming told reporters that after the Russia-Ukraine conflict, many European countries faced rising energy prices, impacting industrial capacity. As China’s manufacturing level continues to improve, there is increasing cooperation potential in high-tech and high-value-added sectors, sometimes even creating complementary relationships, which will strongly boost China’s exports.

Feng Lin also noted that as China’s largest single export commodity, integrated circuits saw a 68.9% increase in export value in the first two months. Meanwhile, export volume grew by 13.7%, with significant price-driven effects.

Furthermore, domestic manufacturing upgrades have continued to promote exports of new energy vehicles and high-tech products. Data shows that, in RMB terms, vehicle (including chassis) exports increased by 57.9% in quantity and 63.1% in value in January and February, while high-tech product exports grew by 24.2%.

Yang Chang, Chief Expert at the Shanghai University of Finance and Economics’ Institute of Public Policy and Governance, told the Daily Economic News that as of March 6, the Shanghai Containerized Freight Index (SCFI) and Ningbo Containerized Freight Index continued to rebound, approaching last year’s levels. Export freight rates to the US remained low but at their lowest since 2025, with further downward space largely exhausted.

“Among non-US exports, freight indices for developed economies remain relatively stable, while developing economies are driving growth. Except for some routes in the Middle East and India-Pakistan affected by geopolitical issues, South American routes are trending upward, which could further support exports,” Yang said.

The reporter also noted that earlier, Minister of Commerce Wang Wintao stated at the Fourth Session of the 14th National People’s Congress that China’s foreign trade in the first two months continued the trends of last year, but external challenges remain severe, and stabilizing foreign trade is still a significant task. The Ministry of Commerce will focus on building a strong trade nation through three pillars: goods trade, service trade, and digital trade, while strengthening coordination in four areas: promoting stability and quality, balancing emerging and traditional sectors, import and export, and productive and consumer services, to stabilize the fundamentals of foreign trade.