China's Monthly Trade Tops 5 Trillion Yuan for the First Time in September as Exports Hit a Record, Led by the AI Supply Chain

Customs data released on Oct 14 show that China's goods trade reached 39.94 trillion yuan in the first three quarters of 2026, up 18.8% year on year, with exports of 23.2 trillion yuan (+16.4%) and imports of 16.74 trillion yuan (+22.3%). In September alone, total trade was 5.16 trillion yuan—above 5 trillion for the first time—up 27.5%; exports rose 29.6% to 3.03 trillion yuan and imports 24.6% to 2.13 trillion. In US-dollar terms, September exports grew 36.3% to US$447.18 billion, a record monthly high.

AI and advanced manufacturing were the main drivers. Customs said that in the first three quarters integrated-circuit exports rose 99.1%, computer parts 2.1 times and solid-state storage 1.3 times, while server and data-processing equipment exports grew 7.2%. In power equipment, photovoltaic exports rose 10.3%, wind turbines and parts 22.4%, cables 28.1%, transformers 22.5% and batteries 34.8%. Trade in industrial robots, electronic components, computer parts and electrical equipment exceeded 10 trillion yuan, up 58.9%.

By entity and market, private firms traded 22.73 trillion yuan (+19.1%), accounting for 56.9% of total trade and remaining the largest group; foreign-invested firms traded 11.69 trillion yuan (+19%), a record for the period. Trade grew with more than 180 countries and regions.

Some research institutions caution that September's surge also reflects early holiday restocking and short-term "rush exports" ahead of policy changes (including adjustments to NEV export tax rebates taking effect from 2027), so monthly growth may fluctuate. For platform companies, external demand for AI hardware, power equipment, energy storage and new energy remains resilient; firms should seize the order window while diversifying markets and localizing overseas delivery to hedge single-market policy risk.