On September 14, China's General Administration of Customs released data showing that September imports rose 31.0% year-on-year, higher than August's 28.2% and significantly exceeding economists' prior forecast of 24.5%, with total import value reaching US$313.65 billion.
Some bulk commodity imports declined. Customs data showed that September crude oil imports fell 21.5% year-on-year, while soybean imports dropped 7.7% year-on-year.
Xing Zhaopeng, senior China strategist at ANZ Research, said that looking ahead, oil price uncertainty remains a key variable on the import side.
In volume terms, China's September imports of integrated circuits, natural gas, and copper ore and concentrates rose 1.67%, fell 1.67%, and fell 4.06% year-on-year, respectively. Imports of refined oil products, crude oil, and steel fell 53.16%, 21.49%, and 10.25% year-on-year, respectively.
In value terms, China's September imports of integrated circuits, coal, and unwrought copper and copper products rose 66.08%, 38.31%, and 31.3% year-on-year, respectively. Imports of refined oil products, iron ore and concentrates, and soybeans fell 29.97%, 11.95%, and 2.22% year-on-year, respectively.
Export growth hits second-highest level of the year, tech products continue to drive gains
September exports rose 36.3% year-on-year, higher than August's 25.0%, marking the fastest growth since February's 39.6% and with total export value reaching US$447.18 billion, exceeding the 25.7% growth forecast in a Wind survey.
Wang Jun, deputy head of the General Administration of Customs, said export growth was mainly driven by technology products such as chips and electronic components, with global demand for artificial intelligence computing power and power infrastructure remaining robust.
By product, integrated circuit export volumes rose only 1% year-on-year in September, but export prices surged due to a shortage of memory chips driven by global AI infrastructure buildout, with value up 136% year-on-year. In the first three quarters, semiconductor export value rose 108.1% year-on-year.
Lynn Song, chief economist for Greater China at ING, said China's export products are upgrading toward higher value-added areas, with the fastest-growing exports increasingly concentrated in higher-margin goods, while lower-end manufacturing gradually shifts to other regions.
Customs data showed that China's September rare earth exports totaled 4,269.8 tons, up 6.7% year-on-year, as overseas procurement demand recovered after the summer slack season. September export volumes fell 9.8% month-on-month from August's 4,735 tons, but were higher than about 4,000 tons in the same period of 2025.
Rare earths are the collective term for 17 mineral elements that underpin key industries including electric vehicles, wind turbines, and defense technology, and China is the world's largest producer and exporter of rare earths.
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