China’s imports soared 19.8% year-on-year to USD 442.96 billion in the first two months of 2026, far above market expectations of 6.3% and after a 5.7% increase in the previous month. It was the strongest pace of import growth since early 2022, reflecting solid domestic demand during the festive season. Purchases grew from Japan (26.5%), Hong Kong (322.9%), South Korea (35.8%), Taiwan (19.2%), Australia (35.8%), the ASEAN countries (12.9%), and the EU (11.7%), but fell from the U.S. (-26.7%). Crude oil imports jumped 15.8% 96.93 million metric tons, as refiners kept throughput high and boosted stockpiles. Meantime, imports of copper concentrates and ores rose 4.9% to 4.93 million tons, while coal purchases added 1.5% to 77.22 million metric tons. In contrast, arrivals of unwrought copper fell 16.1% to 700,000 tons. Natural gas imports were down 1.1% to 20.02 million tons.