Customs data released on September 8 reveals that in the first eight months of this year, China's total goods trade value reached 34.78 trillion yuan, with year-on-year growth accelerating to 17.6%, sustaining a rapid double-digit expansion trend. In August alone, imports and exports hit 4.65 trillion yuan, a 19.8% increase year-on-year, with exports and imports growing 18.6% and 21.7%, respectively. Notably, the month-on-year growth rate of imports has outpaced exports for six consecutive months.

Commenting on the trade performance, Lv Daliang, Director of the Statistics Analysis Department of the General Administration of Customs, stated that goods trade maintained a stable growth trajectory in August. In terms of scale, both exports and imports have recorded simultaneous double-digit growth for four consecutive months. "This fully reflects the resilient support of China's complete industrial system for foreign trade, as well as the strong boost provided by the nation's robust innovation capabilities."

Beyond rapid quantitative growth, the ongoing optimization of China's foreign trade structure is equally noteworthy. Among key products, the accelerated global expansion of electromechanical products stands out as a major highlight. Data shows that in the first eight months, exports of electromechanical products reached 12.91 trillion yuan, up 21.9%, accounting for 64% of total exports during the period. Among these, automobile exports surged 47.1% and ship exports grew 29.8%. Products related to AI computing power saw explosive growth, with exports of servers, optical modules, and electronic components achieving double-digit increases. Additional data indicates that China's share of global humanoid robot shipments has risen to 97%.

Feng Lin, Executive Director of the Research and Development Department at Oriental Jincheng, pointed out that the sustained high export growth since the beginning of the year is underpinned by the global AI investment boom driving substantial increases in chip-related exports. Meanwhile, the progress in upgrading the domestic manufacturing sector continues to boost exports of new energy vehicles and high-tech products. The deeper driver lies in the accelerating transformation of China's manufacturing from a "scale advantage" to a "technology advantage."

A survey report by the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) attributes the sustained growth in electromechanical product exports to multiple factors. Central to this is the supply-side advantage: complete industrial supporting systems, efficient supply chain responsiveness, stable and low-cost energy supply, and strong production and delivery capacity collectively reinforce the cost-performance superiority of China's electromechanical products. At the same time, the sustained high momentum of AI-related exports serves as a primary engine, as global AI computing power investment, while slowing, continues to expand.

According to the survey, this structural divergence is more evident at the micro level: traditional home appliances, general machinery, and low-voltage electrical equipment face thin profit margins and widespread price pressure, whereas products associated with new quality productive forces—such as new energy, photovoltaic-storage-charging systems, commercial and industrial energy storage, and AI-supporting power equipment—enjoy robust demand and full order books. Experts interviewed suggest that the contrasting fortunes of these two business categories highlight the diverging quality of trade growth and the direction of its upgrading.

The import side reveals a similar trend. Customs data show that in the first eight months, imports of electromechanical products reached 6.21 trillion yuan, up 31.6% year-on-year, outpacing export growth by 9.7 percentage points. Gao Shiwang, spokesperson for CCCME, analyzed that the simultaneous high growth in both electromechanical imports and exports demonstrates that China's efficient "import-processing-export" virtuous cycle remains highly effective. He further noted that the sustained high growth in computing power-related supply chain trade not only confirms China's leading position in mature manufacturing and supply chain supporting capabilities, but also fully reflects the nation's innovation vitality and competitiveness in the technology sector, harboring immense potential for future growth.

Looking ahead to the second half of the year, some institutions predict that the gradual fading of the base effect will bring export growth back toward normal levels, while overseas economic slowdown and geopolitical disruptions pose external constraints. Feng Lin cautioned that due to a higher comparison base, export growth in September could ease to around 18%. Subsequently, as global economic downward pressure emerges, coupled with uncertainties in the external trade environment—particularly the diminishing impact of the global AI investment boom on chip exports—export growth may face further downward trajectory in the fourth quarter.

On the import side, Southwest Securities suggests close monitoring of the phased impact of geopolitical factors on energy supply and the pace of domestic manufacturing recovery driving imports of resource-based products for domestic demand. However, import structures are expected to continue shifting toward high-tech products and advanced manufacturing, with improving domestic demand gradually becoming a key pillar supporting import growth.

Overall, industry observers believe that China's foreign trade has achieved better-than-expected growth under the dual support of a low base and AI industry prosperity, yet the core of this growth has undergone a substantive transformation. A research report by Southwest Securities points out that the driving force behind China's exports is shifting from quantitative expansion to price enhancement and systematic upgrading of product structures. The "weak volume, strong price" characteristics of core categories indicate that China's trade competitiveness is pivoting from cost orientation toward a reshaping of technology value-added and industrial chain pricing power.