China’s exports increased by 12.4% in March compared to the same month last year, as businesses tried to beat new U.S. tariffs imposed by President Donald Trump. According to the government report, while exports were up, imports into China dropped by 4.3%. For the first three months of the year, China’s exports grew by 5.8%, while imports fell by 7%.
China’s trade surplus with the U.S. was $27.6 billion in March, as its exports to the U.S. rose by 4.5%. In the first quarter of the year, the trade surplus with the U.S. reached $76.6 billion. China now faces tariffs of 145% on most products sent to the U.S. because of Trump’s trade policies.
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Interestingly, the biggest export growth came from China’s trade with Southeast Asia, where exports jumped by nearly 17% in March. Exports to Africa also grew by over 11%. Chinese President Xi Jinping was traveling to Vietnam, Malaysia, and Cambodia to strengthen trade ties with other Asian countries, especially as they, too, are worried about the tariffs. Last week, Trump delayed the enforcement of tariffs by 90 days.
China’s customs spokesperson, Lyu Daliang, acknowledged the tough global situation but assured that China has many other markets to turn to, along with its large domestic market. He highlighted that China has been the world’s second-largest importer for 16 years, and its share of global imports has increased from 8% to 10.5%.
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He also stated that China’s import growth potential is huge, and its large market continues to be an opportunity for the world.
