China’s Trade Growth Amid Rising Tariffs
According to the General Administration of Customs, China’s total import and export value rose by 5.6% year-on-year to RMB 3.84 trillion ($529.8 billion) in April, coinciding with the U.S. increasing tariffs on Chinese goods to 145% starting April 9. Exports saw a notable increase of 9.3% compared to the previous year, while imports experienced a modest rise of 0.8%.
In the first four months of the year, the Association of Southeast Asian Nations (ASEAN) emerged as China’s largest trading partner, with exports growing by 12.6% year-on-year. In contrast, exports to the European Union, China’s second-largest trading partner, grew by 6.1%, while exports to the United States fell by 1.5%.
Additionally, China’s trade with countries and regions participating in the Belt and Road Initiative recorded a 3.9% increase. Exports to these areas rose by 9.6%, although imports decreased by 2.8%.
In a positive development, Beijing and Washington held discussions in Switzerland over the weekend, resulting in an agreement to suspend most tariffs on each other’s goods for an initial period of 90 days. This breakthrough aims to alleviate the trade tensions between the two nations.
