AI Data Insight
China's USD-denominated total imports for the first quarter of 2026 plummeted by 64.04% year-on-year, showing an avalanche-like drop from the positive growth of 2.94% in the previous quarter and setting a historically rare decline. Although some official forward-looking data indicated support early in the year, the double-digit drop in unwrought copper imports and the escalation of the trade war highlight the dual blow of weak domestic demand and external sanctions. Going forward, close attention must be paid to the effects of policy stimulus and the risks of supply chain relocation.