1-2月进出口数据点评：算力争夺成为出口主线

Export Performance - In January-February 2026, China's exports increased by 21.8% year-on-year, reaching $656.58 billion, indicating a strong start to the year[2][6] - February alone saw exports of $299.88 billion, with a remarkable year-on-year growth rate of 39.6%, significantly higher than the average growth over the past 12 months[6][13] - The strong export performance is attributed to a recovery in global manufacturing demand and increased competitiveness in high-tech and mechanical products[4][8] Import Trends - Imports also showed robust growth, increasing by 19.8% year-on-year, reflecting both seasonal factors and structural recovery in demand for key commodities[2][14] - Major imports included crude oil, machinery, and agricultural products, with significant increases in the import of rare earths and processed oil products[18][14] - The overall import growth indicates a recovery in domestic manufacturing and a need for replenishing inventories[14][18] Market Outlook - The government emphasizes "expanding high-level opening-up," which is expected to create a more flexible environment for enterprises to engage in global supply chains[4][5] - Despite ongoing trade protectionism from the U.S., recent legal rulings may limit unilateral tariff increases, potentially easing trade tensions[4][5] - The outlook for the rest of the year suggests continued support for exports due to recovering global demand and geopolitical factors, although uncertainties remain[19][5]