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According to data released by China customs authority, China's exports surged in April backed by a jump in shipments to Southeast Asian countries, offsetting a sharp decline in outbound goods to US as prohibitive tariffs took effect.
Exports jumped 8.1%, and imports slumped by just 0.2% in April from a year earlier. China’s shipments to the U.S. plunged over 21% in April year on year, while imports dropped nearly 14%. Chinese US-bound shipments had risen 9.1% in March, as exporters rushed to frontload orders ahead tariffs hike.
In the first four months this year, China’s exports to the U.S. dropped 2.5% while imports fell 4.7% from a year earlier, according to official data. China’s exports to the Association of Southeast Asian Nations surged 20.8% in April from a year earlier, accelerating from a 11.6% growth in March. While Vietnam and Malaysia remained the main destinations for Chinese exports to the region, Indonesia and Thailand saw shipments from China grow 37% and 28% year on year, respectively.
Meanwhile, China’s exports to the European Union rose 8.3%, while imports fell 16.5% year on year. Exports had risen by 10.3%, while imports had dropped 7.5% in March.
The surge in overall exports is regarded partly due to transshipment to third countries as well as contracts that were signed before the tariffs implemented. Expects trade data will weaken gradually in the next few months.
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