An overview of the Qianwan container terminal of Qingdao Port, a port in the province of Shandong, China, on March 17, 2023.
Cfoto | Futura Publication | Pictures of getty
China exports jumped more than expected in March, as companies loaded outgoing shipments to prevent US prohibitive rates, while imports extended decreases as slow domestic demand persisted.
Exports increased 12.4% last month in terms of the North -American dollar from a year earlier, according to data published by Customs Authority on Monday, significantly exceeding estimates of Reuters surveys of 4.4% growth and marking the largest jump since October last year.
Imports fell 4.3% from March from a year earlier, compared to economists expectations of a 2% decrease.
In the first two months of the year, China exports had Has slowed more than expectedGrowing only 2.3% year after year, marking the slowest rise since April 2024. Imports were a stronger decrease than expected of 8.4% compared to a year, its sharpest fall since mid -2013.
« The exports will probably be weakened in the coming months, as the (Han) (Han)) fired rates, » Zhiwei Zhang, president and chief economist in Pinpoint Asset Management, said, adding that « in the short term, I hope that the chaos in supply chains and the potential shortage in the United States that can increase inflation. »
Zhang said commercial policies remained highly uncertain, which meet the challenges for companies that seek to adjust supply chains and capital spending plans. « Even if companies decide to move their supply chains, it takes time to build factories. »
Chinese leadership has set an ambitious annual growth goal of « around 5% » this year, a goal that is more difficult to achieve, as the prospects for a growing trade war and internal consumption persistently.
Since the inauguration of United States President Donald Trump in January has imposed a Cumulative 145% rates To all imports from China, including a duty of 20% allegedly related to Beijing’s role in Fentanyl trade.
China has again tackled tit-pertat rates, including rates up to 15% aimed at American goods and rates through the board. 125% in the last retaliation Last Friday.
Lingjun Wang, the Vice -Customs Administration, said in a press conference on Monday that the « abusive use of the United States Government » has created a header for world trades, according to a CNBC translation, while repeating Beijing’s call for a negotiation with Washington.
China « will implement all the counterparts announced against the United States strictly according to the law », although it continues to open its economy for mutual cooperation of trade and investments with countries around the world, said Wang.
In a relief for many, last Friday the Trump administration Granted for reciprocal rates In a large number of electronic products, including smartphones, computers, semiconductors, solar cells and flash units, according to a customs warning and the protection of US borders. The fentanyil -related rate of 20% above remains in place.
China’s Ministry of Commerce called the exemptions A “small step for us to correct your wrong practice of unilateral reciprocal rates” and urged Washington to completely cancel the abrupt rates.
China exports to the United States increased by 9.1% in terms of total values since March, according to the calculation of CNBC official customs data, while imports of the year fell 9.5% a year. The United States is still its larger commercial partner uniquely, representing about 10% of the total operations in China.
The country’s exports to the Association of South Nations -East Asian jumped by 11.6%last month, especially outgoing shipments to Vietnam, increased almost 19%, while imports from the region grew by 9.8%.
In the meantime, China exports to the European Union grew by 10.3%, while imports fell by 7.5% over a year earlier.
China’s iron ore imports fell 6.7% year -on -year to about 94 million tones in March, the lowest level since 2023, according to wind information. According to Reuters, soy imports fell by 36.8% to the lowest since 2008.
Imports of semiconductors and raw increased by 11.2% and 4.8%, respectively, according to customs data.
His exports of semiconductors and rare floors jumped more than 25% and 20%, respectively, compared to a year ago.
Asks for stimulus
The pressure on Chinese officials has been based to release more forceful stimulus measures to promote internal consumption and housing market, while reducing the trust of the economy in exports and investment.
The data released last week shows that Chinese consumers have remained reluctant to spend, and consumer prices were hired for a second consecutive month, while the prices of producers fell during the 29th consecutive month.
Several investment banks have moved to reduce China’s growth forecasts This year citing impacts of the substantial increase in United States’ rates on Chinese goods.
Goldman Sachs, the latest to join the ranks last week, hopes that the second largest economy in the world will grow only 4.0% this year, dropping by 0.5 percentage of its previous forecast. Although Beijing predicts further intensifying the policy that facilitates the rate disruption, the Wall Street Bank believes that measures may not be able to « completely compensate for the negative effect of rates ».
China has to release its GDP growth in the first quarter on Wednesday, followed by a high -level meeting by its highest decision -making body, known as the Politburo, at the end of this month. At the meeting, policymakers are expected to present more stimulus measures to promote national demand and compensate for commercial shock.
– Evelyn Cheng de CNBC contributed to this story.
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