China’s trade grows 18.8% through September as chip exports nearly double

China’s General Administration of Customs (GACC) said on October 14 that goods trade reached 39.94 trillion yuan from January to September 2026, up 18.8% year on year. Exports were 23.2 trillion (+16.4%) and imports 16.74 trillion (+22.3%). Deputy head Wang Jun said it is the fastest growth for the period in five years.

Growth accelerated through the year: 15.3% in Q1, 18.3% in Q2 and 22.3% in Q3. September reached 5.16 trillion yuan, the first month above 5 trillion, with exports of 3.03 trillion (+29.6%) and imports of 2.13 trillion (+24.6%).

The mix shows where Chinese industry has moved. Integrated circuit exports grew 99.1%, electric vehicles 72.3%, lithium batteries 36.4% and wind turbines and parts 22.4%. Equipment manufacturing contributed nearly 90% of export growth, and intermediate goods now exceed half of total exports. On the import side, memory component imports rose 150% and integrated circuits 56.6%.

Private companies accounted for 22.73 trillion yuan (56.9% of the total, +19.1%). Trade with Belt and Road countries reached 20.37 trillion (+17.1%), 51% of the total.

CSP take: the jump in chips and electronics, together with surging memory imports, points to an electronics chain running near capacity. For buyers of components or electronics-heavy products, negotiating lead times and price-adjustment clauses matters more in Q4. This reading is ours, not Customs’.