According to customs statistics, in the first five months of 2026, China's total goods trade import and export value reached 20.68 trillion yuan, a YoY increase of 15.3% (the same hereinafter). Exports totaled 11.91 trillion yuan, up 11.8%, while imports totaled 8.77 trillion yuan, up 20.5%. In May alone, total goods trade import and export value stood at 4.45 trillion yuan, up 16.9%. Exports were 2.59 trillion yuan, up 13.8%, and imports were 1.86 trillion yuan, up 21.5%.
By trade mode, in the first five months, China's Ordinary Trade imports and exports reached 12.47 trillion yuan, up 8.3%; processing trade imports and exports reached 3.95 trillion yuan, up 22.9%; and bonded logistics imports and exports reached 3.59 trillion yuan, up 41.8%.
By trading partner, China's trade with ASEAN totaled 3.52 trillion yuan, up 16.6%; with the EU, 2.53 trillion yuan, up 10.3%; and with the US, 1.61 trillion yuan, down 6.6%. Over the same period, combined imports and exports with countries jointly building the Belt and Road reached 10.57 trillion yuan, up 13.6%.
By type of enterprise, in the first five months, private enterprises' imports and exports reached 11.81 trillion yuan, up 15.5%; foreign-invested enterprises, 6.02 trillion yuan, up 15.7%; and state-owned enterprises, 2.81 trillion yuan, up 14%.
In terms of key commodities, on the export side, China's exports of mechanical and electrical products reached 7.58 trillion yuan, up 18.4%; labor-intensive products, 1.61 trillion yuan, down 3.1%; and agricultural products, 300.79 billion yuan, up 1.6%. On the import side, imports of mechanical and electrical products reached 3.54 trillion yuan, up 25.3%; crude oil, 218 million mt, down 4.8%; and agricultural products, 618.16 billion yuan, up 7.6%.
SMM has compiled the import and export data for selected metal industry products based on figures released by the General Administration of Customs, as follows:
Exports:
Rare earth exports in May 20265,490.4 mt, a YoY decrease of 6.4% vs. May 2025. Cumulative exports in January-May 2026 reached 25,378.0 mt, a YoY increase of 2.2% vs. the same period of 2025.
Steel exports in May 202610.341 million mt, a YoY decrease of 2.2% vs. May 2025. Aluminum semis exports in January-May 2026 totaled 4,455.4 mt, on a YoY basis from January-May 2025, down 8.1%.
Exports of unwrought aluminum and aluminum semis in May 2026 reached 632,000 mt, on a YoY basis from May 2025, up 15.5%. Cumulative exports in the first five months of 2026 reached 2.685 million mt, on a YoY basis from January-May 2025, up 10.4%.
Imports:
Imports of iron ore and concentrates in May 2026 reached 97.711 million mt, on a YoY basis from May 2025, down 0.4%. Cumulative imports in the first five months of 2026 reached 516.258 million mt, on a YoY basis from January-May 2025, up 6.3%.
Imports of copper ore and concentrates in May 2026 reached 2.361 million mt, on a YoY basis from May 2025, down 1.4%. Cumulative imports in the first five months of 2026 reached 12.275 million mt, on a YoY basis from January-May 2025, down 1%.
Imports of coal and lignite in May 2026 reached 33.265 million mt, on a YoY basis from May 2025, down 7.7%. Cumulative imports in the first five months of 2026 reached 182.623 million mt, on a YoY basis from January-May 2025, down 3.2%.
Imports of rare earths in May 2026 reached 6,770.2 mt, on a YoY basis from May 2025, down 42.1%. Cumulative imports in the first five months of 2026 reached 47,628.0 mt, on a YoY basis from January-May 2025, down 2.8%.
Imports of steel in May 2026 reached 451,000 mt, on a YoY basis from May 2025, down 6.2%. Cumulative imports in the first five months of 2026 reached 2.255 million mt, on a YoY basis from January-May 2025, down 12.2%.
Imports of unwrought copper and copper semis in May 2026 reached 446,000 mt, on a YoY basis from May 2025, up 4.4%. Cumulative imports in the first five months of 2026 reached 2.013 million mt, on a YoY basis from January-May 2025, down 7%.
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