China’s exports jump 12.4% as imports fall under the Trump era tariffs

2 Min Read
2 Min Read

Meanwhile, China’s imports fell 4.3%, Customs reported.

Exports from the world’s second-largest economy rose 5.8% in the first three months of the previous year, while imports rose 7%, he said.

China’s trade surplus with the US was $27.6 billion (247.7 billion euros) in March as exports rose 4.5%. In the first quarter of 2019, it recorded a $76.6 billion surplus with the US.

China faces 145% tariffs on most exports to the US at the time of the latest revision in Trump’s trade policy.

However, the biggest increase in exports came from China’s Southeast Asian neighbours, with exports from China rising almost 17% in March from the previous year. Exports to Africa rose more than 11%.

Chinese President Xi Jinping was also able to travel to Vietnam on Monday as part of a regional tour, bringing him to Malaysia and Cambodia, and while Trump delayed the 90-day implementation last week, it gave him the opportunity to solidify trade ties with other Asian countries facing potentially sudden tariffs.

China’s exports to Vietnam have increased by nearly 17% from last month, while imports fell by 2.7%.

Xi’s trip is likely previously planned, but it has gained importance during the trade war between Washington and Beijing.

Customs spokesman Liu Darian said China is facing “a complex and serious external situation,” but the sky will not fall. He pointed to China’s diversified export options and huge domestic markets.

When asked about China’s decline in imports, he told reporters that China has been the world’s second-largest importer for 16 years in a row, increasing its global import share from around 8% to 10.5%.

See also  Airport without checking in? The big changes that come to air travel

“Now and in the future, China’s import growth space is huge and China’s large markets are always a great opportunity for the world,” he said.

TAGGED:
Share This Article
Leave a comment