Key figures: Exports reached 17.44 trillion yuan (up 14%), while imports hit 12.69 trillion yuan (up 22%), with import growth outpacing export growth — a sign of robust domestic demand. In July alone, trade totaled 4.66 trillion yuan, marking the fifth consecutive month above 4 trillion yuan, with exports up 17.8% and imports up 21.2%.
Structural transformation in trade: The most notable shift is in export composition. High-tech products — including industrial robots and 3D printers — saw export growth exceeding 50% year-on-year in July, accelerating from the 39% growth rate in the first half of the year. These high-tech goods contributed nearly 60% of July's total export increase, indicating that China's export basket is rapidly moving up the value chain.
Private sector dominance: Private enterprises — a category that includes everything from small e-commerce exporters to large manufacturing firms — accounted for 17.16 trillion yuan of trade, up 17.2% and representing 56.9% of the national total. This makes private firms the single largest contributor to China's foreign trade, a position they have held since surpassing state-owned and foreign-invested enterprises in recent years.
What this means: The sustained double-digit trade growth reflects the continued global competitiveness of Chinese manufacturing, particularly in high-tech and green-tech sectors. The strong import growth, especially in raw materials and advanced machinery, suggests that domestic industrial upgrading is driving demand for foreign inputs. The data also points to the resilience of China's export machine despite ongoing trade tensions, geopolitical uncertainties, and shifts in global supply chains.
Broader context: China's trade performance has been a key driver of GDP growth in 2026, with net exports contributing positively to economic output. The 30-trillion-yuan milestone for the January-July period compares with 24.83 trillion yuan in the same period of 2025, representing a jump of more than 5 trillion yuan. The trend highlights the deepening integration of Chinese manufacturing into global value chains.