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Chinese exports soar 12.4% as imports fall due to Trump-era tariffs
Exports from the world's second-largest economy increased by 5.8% in the first three months of the year, while imports fell by 7%. Meanwhile, Chinese imports fell by 4.3%, according to the Customs Administration .
China's trade surplus with the United States was $27.6 billion (€24.77 billion) in March, as its exports increased by 4.5%. In the first quarter of the year, it recorded a $76.6 billion surplus with the United States. China faces tariffs of 145% on most exports to the United States following Trump's latest trade policy revisions.
However, the largest increases in exports were to China's Southeast Asian neighbors , which saw Chinese exports soar nearly 17% in March compared to a year earlier. Exports to Africa increased by more than 11%.
Chinese President Xi Jinping was traveling to Vietnam on Monday as part of a regional tour that will also take him to Malaysia and Cambodia, giving him an opportunity to strengthen trade ties with other Asian countries that also face potentially steep tariffs, though Trump last week delayed their implementation for 90 days.
Chinese exports to Vietnam rose nearly 17% last month from a year earlier, while its imports fell 2.7%. While Xi's trip was likely pre-planned, it took on significance amid the ongoing trade war between Washington and Beijing.
A spokesman for the Customs Administration, Lyu Daliang, said China was facing a "complex and serious external situation," but that the sky would not fall. He pointed to China's diversified export options and its huge domestic market.
Asked about the decline in Chinese imports, he told reporters that China has been the world's second-largest importer for 16 consecutive years, increasing its share of global imports from around 8% to 10.5%.
Source: euronews.com
Chinese exports soar 12.4% as imports fall due to Trump-era tariffs
