China’s SPE Import Data – June 2026

研报英文原文证据摘录

China’s SPE Import Data – June 2026

Japan | Technology EquityJulyResearch22, 2026

According to China’s import data announced this week, SPE imports totaled

US$4,469mn in June (-0% YoY, +48% MoM). Following steady declines

(YoY) since November 2025, the June result was roughly flat compared to

the previous year and increased substantially versus the previous month.

SPE imports saw a 3% YoY increase in 2025, the third straight annual rise.

While they dropped 10% in Jan-Jun 2026, there are signs of recovery in

June.

China’s import data: SPE imports totaled US$4,469mn in June (-0% YoY). Following steady

declines (YoY) since November 2025, which recorded the first setback in seven months, the

June result was roughly flat compared to the previous year. Combined imports in Jan-Jun

totaled US$20,921mn (-10% YoY). While China’s SPE imports were US$51,739mn (+3% YoY)

in 2025, the third straight annual increase from 2022’s US$35,483mn, these weakened in Jan-

Jun 2026.

Import breakdown by product category in Jan-Jun was front-end processing at US$13,688mn

(-10% YoY), inspection & testing at US$2,056mn (-9%), packaging at US$723mn (+15%), and

parts at US$2,882mn (-4%).

From a regional perspective, imports from the US were US$407mn (-12% YoY) in June,

slipping again after May saw the first rise in eight months, and US$1,789mn (-29% YoY) in

Jan-Jun. The US has been bolstering restrictions on imports to China since 2022, and the

scope of products covered by restrictions has been widening. These conditions are pushing

imports from the US lower. We think there is also an impact from US-based SPE companies

shifting exports to China even for products not affected by regulations from the US to

Singapore, Malaysia, and other locations. Imports from the Netherlands (including ASML) were