UBS: Going Global — Breakdown of China's Exports (January–February 2026)
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A UBS analysis utilizing the UBS Evidence Lab China Export Monitor details the sector and destination breakdown of Chinese exports for the first two months of 2026. The report categorizes roughly 6,000 six-digit HS codes into nine major industries and 112 subsectors, covering over 90% of total exports. During this period, China's total exports grew 22% year-over-year.
The most substantial growth came from B2B cross-border e-commerce simplified customs declarations, up 185%, semiconductors, up 150%, and wind power equipment, up 146%. Semiconductors contributed 14% of the total incremental export value, followed by passenger vehicles at 7% and discretionary consumer goods at 6%.
By destination, exports to the United States declined 11% year-over-year, representing a notable narrowing from the 30% drop observed in December 2025. However, export values across most categories remain below March 2025 levels. Exports to ASEAN accelerated to 29% growth, heavily driven by a 52% surge in technology products, potentially indicating continued transshipment activity. Exports to the European Union grew 28%, while exports to Africa surged 54%, with all sectors achieving growth exceeding 18%. UBS suggests that improving macroeconomic conditions could position Africa as the next critical expansion destination for Chinese enterprises, following ASEAN and Latin America.