China: Imports Extend Record Run.

China’s imports surged 25.3% yoy to USD 274.62 billion in April 2026, marking the second straight month of record-high purchases. While easing from a 27.8% jump in March, the latest result still comfortably exceeded market forecasts of 15.2%, supported by resilient domestic demand despite supply chain disruptions in the Strait of Hormuz and elevated energy costs linked to the war in Iran. Over the first four months of the year, imports jumped 23.6% to USD 989.2 billion, boosted by higher demand from ASEAN (19.1%), the EU (11.5%), Japan (27.5%), Hong Kong (204.0%), and South Korea (49.5%); but fell from the U.S. (-10.9%). Imports of data processing equipment surged 60.6%, while purchases of semiconductors and integrated circuits each rose by 13.2% and 47.8%, respectively. Volume increases were seen for edible oils (25.9%), copper ore (36.9%), refined oil (14.4%), rare earths (93.3%), and unwrought copper (21.4%), but dropped for natural gas (-15.1%), coal (-5.9%), and steel (-7.8%).