In the first five months of 2026, Guangdong Foreign Trade has delivered an impressive report card.
Imports and exports were 4.44 trillion yuan, a year-on-year increase of 18.8%, which has maintained double-digit growth for five consecutive months; imports and exports in a single month in May were 948.19 billion yuan, the highest monthly scale in history.
One of the “counter-intuitive” signals attracts attention. The import growth rate (32.4%) is almost three times the export growth rate (10.8%). This means that the industrial chain is undergoing profound changes.
So where is the money spent on the surge in imports?
In the first five months, Guangdong imported 709.97 billion yuan of integrated circuits, an increase of 42.8%, accounting for nearly 40% of the province’s total import value; imports of computers and their parts were 254.26 billion yuan, an increase of 49.5%.
These are not ordinary consumer goods, but key elements that support AI computing power, smart terminals and high-end manufacturing.
In the first quarter, Guangdong’s integrated circuit output increased by 43.1%, much higher than the national average growth rate of 24.3%.
Imported chips and components were transformed into 3D printers, drones, lithium batteries and other products thanks to Guangdong’s strong local manufacturing capabilities, with export growth rates reaching 1.2 times, 27.7% and 50.3% respectively.
This fully reflects that while Guangdong is “buying the world”, it is also “making the world”. After digestion and upgrading, imported high-end parts and components are sold to the world as high value-added products.
At the same time, the upgrading of domestic demand has also promoted imports. Imports of edible vegetable oil increased by 1.3 times and beef increased by 70.9%, which shows that global high-quality ingredients are becoming more and more common on the tables of Guangdong people.
In terms of exports, Guangdong’s foreign trade used to be highly dependent on Europe and the United States, but this year the situation has changed significantly.
In the first five months, Guangdong maintained positive growth with its four traditional partners, ASEAN, Hong Kong, the European Union, and the United States, while the fastest growing countries were Africa (+23.5%), Japan (+37.1%), and South Korea (+34.6%).
Since May, China has fully implemented a zero-tariff policy for African countries that have diplomatic relations with Africa. In that month, the growth rate of Guangdong’s imports from Africa soared to 1.1 times.
Maoming City’s foreign trade growth rate ranked first in the province in the first four months, with imports and exports to the Middle East growing by 60% and Africa growing by 115.3%.
The demand in these emerging markets is not only large, but also their dependence on “Made in China” is increasing. Products such as home furnishings, textiles, electronic products, and even 3D printers and drones are all quickly delivered through China-Europe trains, shipping and other channels.
Private enterprises have played an important role in the growth of Guangdong’s foreign trade.
In the first five months, private enterprises’ import and export volume reached 2.97 trillion yuan, an increase of 24.1%, accounting for 66.9% of the province’s total foreign trade value, and contributing 82.2% to growth.
Many small, medium and micro enterprises have achieved “small commodities going overseas” through market procurement trade (exports from Guangzhou Customs District increased by 77% in the first four months) or China-Europe freight trains.
The policy provides strong support behind the scenes. The time for registration and review of second-hand car exports has been shortened from 15 working days to 5 working days, and export licenses are strictly controlled within 3 working days. The General Administration of Customs has launched 20 measures to support the construction of the Greater Bay Area, and the customs clearance efficiency of China-Europe trains has increased by about 30%, saving time and costs for enterprises.
As to whether foreign trade can continue to grow at a high rate throughout the year, CITIC Securities research reports predict that, benefiting from the explosion in demand for AI-related goods and the increase in green products, national export and import growth may reach 13.2% and 15.5% in 2026. Guangdong, as the leader in foreign trade, is expected to maintain an overall growth rate of 15%-20%.
But there are also risks, such as geopolitical conflicts, European and American green trade barriers, and pressure on small and medium-sized enterprises to transform.
For us, jobs and investment opportunities related to AI and new energy will continue to pour into Guangdong; the price of imported food on consumers’ tables may become more affordable due to tariff dividends; bosses of export companies need to closely track foreign trade order data in June and July, especially exchange rate fluctuations in emerging markets.
The next time point worthy of attention is the end of the third quarter, when global macroeconomic data and the direction of monetary policies of various countries will be further clarified, which will directly affect the “second half” rhythm of Guangdong’s foreign trade.
