UBS released a research report stating that it classified approximately 6,000 six-digit Harmonized System (HS) code goods into nine industries and 112 segments, covering more than 90% of China's total exports in 2024.
UBS analyzed China's exports by end market and segment. China's exports rose 25% year-on-year in August 2026, slightly faster than the 24% year-on-year increase in July. By industry, technology (up 61% year-on-year), autos (up 29%) and utilities (up 21%) remained the three largest contributors to export value growth.
Export growth to the United States accelerated sharply to 35% year-on-year from 17% in July, while growth to Africa also rose significantly to 31% from 18%. Export growth to ASEAN slowed somewhat but remained strong at 30%, while growth to Europe decelerated to 12%.
Technology products remained the main driver of August export growth, rising 61% year-on-year, with semiconductor and panel export values both surging more than 260% year-on-year. These two segments were the largest contributors to China's year-on-year export value increment, accounting for nearly 45% combined. Auto export growth slowed further to 29% year-on-year in August from 35% in July, mainly reflecting weaker momentum in auto parts and bus exports. Growth in utility product exports also slowed to 21% year-on-year from 27% in July. Solar product exports fell 23% year-on-year, extending the decline, while wind power equipment exports fell 5% year-on-year, compared with 109% growth in July. Growth in petroleum and chemical product exports accelerated to 21% year-on-year. Consumer goods exports continued to recover, rising 11% year-on-year. Growth in industrial product exports slowed slightly to 11% year-on-year from 19% in July, with shipbuilding exports falling 1% year-on-year. Growth momentum in basic materials exports strengthened, while healthcare product exports turned negative year-on-year, dragged down by pharmaceuticals.
The bank said China's export growth to the United States accelerated to 35% year-on-year from 17% in July, driven mainly by technology (up 52% year-on-year), utilities (up 50%) and industrial products (up 46%). In technology products, consumer electronics recorded a strong rebound, while growth in panels and semiconductors slowed. Growth in utility products was driven mainly by fiber optic and solar products. Consumer goods export growth also rebounded significantly, rising to 26% year-on-year from 9% in July, supported by discretionary consumer goods.
China's export growth to Europe slowed to 12% year-on-year in August from 19% in July, reflecting weaker shipment performance in consumer goods, industrial products and utility products. Exports of healthcare products to the EU turned negative year-on-year in August after rising 40% year-on-year in July. Export growth to Africa accelerated, supported by autos (up 48% year-on-year), basic materials (up 37%) and industrial products (up 36%). Shipment performance to ASEAN remained strong, rising 30% year-on-year in August, with technology and utility products up 82% and 36% year-on-year, respectively.
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