China’s imports surged 7.4% yoy in September 2025, marking a seven-month high of USD 238.1 billion and easily exceeding market expectations of 1.5%. The figure also represented a sharp acceleration from a 1.3% growth in August. This was the fourth consecutive monthly increase and the fastest expansion since April 2024, amid stronger domestic demand ahead of the Golden Week holidays and state-led infrastructure spending. However, the latest flare-up with the U.S. over the weekend has renewed uncertainty over the economic outlook. China's crude oil imports rose 3.9% yoy, as refineries operated at their highest utilisation rates this year. For the first nine months of the year, imports shrank 1.1% to USD 1.90 trillion, with falls from the U.S. (-11.6%), the EU (-3.2%), Russia (-7.7%), and the ASEAN countries (-0.4%).