US Market
China’s exports jumped 12.4 per cent in March from a year earlier in a last-minute flurry of activity as companies rushed to beat increases in tariffs imposed by the United States, and analysts forecast sharp setbacks ahead.
Imports fell 4.3 per cent to US$211.3 billion in March, the customs administration reported, far exceeded by exports worth US$313.9 billion, leaving a trade surplus of US$102.6 billion.
“But shipments are set to drop back over the coming months and quarters,” Julian Evans-Pritchard of Capital Economics said in a report. “We think it could be years before Chinese exports regain current levels.”
China’s trade surplus surged to a record US$992.2 billion in 2024 and its exports climbed 5.4 per cent, helping to make up for sluggish growth at home as the country slowly recovers from a crisis in its property market and lingering impacts of the COVID-19 pandemic.
After taking office, US President Donald Trump first ordered a 10 per cent increase in tariffs on imports from China. He later raised that to 20 per cent. Now, China is facing 145 per cent tariffs on most of its exports to the United States, based on the most recent revisions in Trump’s trade policies.