AI Data Insight
China's July 2026 (Q3) import and export value MoM growth rate was -0.3%, significantly narrowing from the previous -2.5%, indicating that short-term foreign trade momentum is bottoming out. Despite the slight MoM decline, benefiting from AI product demand and the front-loading export effect ahead of tariffs, the YoY growth rate of USD-denominated exports far exceeded market consensus. Looking ahead, attention should be paid to the risk of a slowdown in shipments after tariffs take effect, as well as concerns over the divergence between domestic and external demand.