China defies Hormuz crisis with record monthly export value in April

China’s export sector posted a historic performance in April 2026, with total outbound shipments reaching a record $359.44 billion, a 14.1% year-on-year increase that handily beat the 6.96% growth forecast by Wind. The data from the General Administration of Customs shows imports also surged 25.3% to $274.62 billion, well above the 13.86% projection, resulting in a trade surplus of $84.82 billion, up from $51.1 billion in March.

This resilience comes amid the ongoing Strait of Hormuz crisis triggered by the US-Israeli war in Iran, which has effectively closed the waterway for over two months, driving oil, mineral, and freight costs to multi-year highs. Despite these pressures, economist Zhang Zhiwei of Pinpoint Asset Management attributes the export strength to China’s competitive supply chains. He expects double-digit export growth to continue in the coming months, noting that the macro policy stance will likely remain unchanged given the boost from exporters and recent green shoots in the property sector.