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 Daily Reporter | Zhang Huaisui Financial Daily Editor | Jia Yunke

On March 10, the General Administration of Customs announced the foreign trade data for the first two months of this year. According to statistics, in the first two months of 2026, China’s total import and export value of goods trade reached 7.73 trillion yuan, an 18.3% increase year-on-year (YoY), setting a new high for the same period in history. Among them, exports were 4.62 trillion yuan, up 19.2%; imports were 3.11 trillion yuan, up 17.1%.

Feng Lin, Executive Director of the Research and Development Department at Orient Securities, told the Daily Economic News that the export surge in the first two months was partly driven by the delayed Spring Festival, which caused the previous year’s export base to be relatively low, and this year’s later holiday led to a significant pre-holiday export rush. Additionally, global AI (artificial intelligence) investment is heating up, and semiconductor industry chain prices have risen sharply, providing strong support for China’s export growth.

February exports increased by 36.1%

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

The reporter found that the 36.1% growth in February exports not only exceeded expectations but also reached the highest level in nearly 59 months.

Bai Ming, a researcher at the Institute of International Trade and Economic Cooperation at the Ministry of Commerce, told the Daily Economic News by phone that the 36.1% month-on-month export growth in February was influenced by seasonal factors. However, the foreign trade data for the first two months remains convincing, indicating that China’s foreign trade resilience remains strong and that the global industrial chain recovery is evident. China’s exports to ASEAN and Europe are both showing steady growth.

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

Additionally, data from the General Administration of Customs show that, in terms of foreign trade entities, in the first two months, China’s private enterprises imported and exported 4.51 trillion yuan, a 22.8% increase; foreign-invested enterprises imported and exported 2.2 trillion yuan, up 15.3%; state-owned enterprises imported and exported 1 trillion yuan, up 7.4%.

Greater Space for China-Europe Cooperation

According to the General Administration of Customs, in the first two months, China’s trade with ASEAN totaled 1.24 trillion yuan, a 20.3% increase; trade with the European Union was 998.94 billion yuan, up 19.9%; trade with the United States was 609.71 billion yuan, down 16.9%. During the same period, China’s total import and export with countries involved in the Belt and Road Initiative reached 4.02 trillion yuan, a 20.0% increase.

The Daily Economic News found that, measured in RMB, in the first two months of this year, exports to major European countries such as Germany, France, the UK, Italy, and the Netherlands all maintained double-digit growth. 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, which affected the capacity of many industries. As China’s manufacturing level continues to improve, European countries have increasing opportunities for cooperation with China in high-tech and high-value-added sectors, even forming complementary relationships in some industries, which will strongly boost China’s exports.

Feng Lin also pointed out 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 increase effects.

Furthermore, progress in domestic manufacturing transformation and upgrading continues to drive exports of new energy vehicles and high-tech products. Data shows that, measured in RMB, from January to February, the export volume and value of automobiles (including chassis) increased by 57.9% and 63.1%, respectively, and high-tech product exports grew by 24.2%.

Yang Chang, Chief Expert at the Institute of Public Policy and Governance at Shanghai University of Finance and Economics, 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. The freight index for exports to the US remains low but has already reached the lowest point since 2025, with limited further decline.

“Among non-US exports, freight indices related to developed economies are relatively stable, while developing economies are the main driving force. Except for some routes in the Middle East and India-Pakistan affected by geopolitical events, South American routes are showing an upward trend, which is expected to support exports,” Yang said.

The reporter 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 generally continued last year’s trends, but external environment remains complex and severe, and stabilizing foreign trade still faces significant pressure. The Ministry of Commerce will focus on building a strong trade nation through three main pillars: goods trade, service trade, and digital trade, while strengthening four aspects: promoting stability and quality, integrating emerging and traditional sectors, balancing imports and exports, and coordinating productive and consumer services, to fully stabilize the basic foreign trade landscape.

Cover image source: Daily Economic News