On August 6, 2019, containers were parked at Yangshan Port in Shanghai, China.
Aly Song | Reuters
BEIJING – China’s customs data released on Thursday showed that exports grew in line with expectations in April, while imports grew sharply beyond expectations.
China’s imports from the United States, the European Union and Russia rose last month, even as exports to all three countries fell, according to CNBC calculations of official data.
Data show that globally, in dollar terms, China’s exports increased by 1.5% year-on-year in April, while imports increased by 8.4%.
A Reuters survey shows that exports are expected to increase by 1.5% annually and imports by 4.8%.
In March, both exports and imports declined compared with the same period last year.
In April, China’s imports from the United States increased by 9% year-on-year, while exports fell by nearly 3%.
The United States remains China’s largest single country trading partner, and ASEAN is China’s largest regional trading partner.
In April, China’s exports to ASEAN increased by 8% year-on-year, and imports increased by 5%.
China’s exports to the EU fell by about 3.5%, while imports grew by nearly 2.5%
Data showed an increase in exports and imports to Vietnam, but no such data was released for Mexico.
Data show that my country’s import and export of integrated circuits increased year-on-year in April.
From a quantitative perspective, China’s exports of automobiles, LCD panels and home appliances grew, while mobile phone exports declined slightly. Ship exports also fell.
China’s imports of crude oil and natural gas have increased, as have imports of steel, plastics, pharmaceuticals and automatic data processing machines and parts. Imports of cosmetics declined.
Supply chain diversification
Sluggish domestic demand has put pressure on imports, while exports are also under pressure due to slowing global demand and tensions with the United States, China’s largest trading partner.
Biden administration calls for tripling funding Tariffs on Chinese steel. Former President Trump said that if re-elected this fall, he would increase tariffs on Chinese goods by 60%.
The Covid-19 pandemic has also prompted multinational companies to diversify their supply chains and no longer rely solely on China.
However, Nomura analysts noted in a report earlier this month that much of the diversion may still originate from China, or Chinese-invested factories in other countries.
“With the exception of China, the U.S. trade deficit with the rest of the world continues to increase and is approaching a record high,” the report said.
“If the United States really wants to reduce its trade deficit through tariffs, it will need to raise tariffs on all U.S. imports,” the report said. “Trump’s recent idea of a ‘travel around the country’ 10 percent should not be easily dismissed.”
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