Overview
- Exports rose 21.8% year over year in January–February to $656.6 billion, yielding a $213.6 billion two‑month surplus, according to China’s customs data.
- Semiconductor exports by value surged nearly 73%, with autos up 67% and mechanical and electrical goods rising 27%.
- Shipments to the United States fell 11%, while exports to the European Union and ASEAN climbed about 28%–29% and sales also increased to Latin America and Africa.
- Total imports grew nearly 20% in the period, though imports from the United States declined close to 27% from a year earlier.
- Beijing set 2026 GDP growth at 4.5%–5% and the official manufacturing PMI slipped to 49, as the U.S. removed some IEEPA‑based duties before imposing a temporary 10% Section 122 tariff, with Trump and Xi scheduled to meet in Beijing from March 31 to April 2.