AI Data Insight
China's cumulative trade surplus for the first four months of 2026 reached 3,144.636 billion RMB, with the single month of April raking in over 710 billion RMB, and export performance significantly outperforming market consensus. Driven by inventory-building demand spurred by the AI boom and geopolitical risks, US dollar-denominated exports soared by 14.1% year-on-year, while imports also grew strongly by 25.3%. Short-term export momentum is expected to be supported, but attention must be paid to the medium-term risks of end-market demand and inflation pressures.