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A general view of the container terminal in Qianwan of the port of Qingdao, a port in the province of Shandong, China, March 17, 2023.
Cfoto | Future publication | Getty images
The growth of China’s exports slowed down more than expected at the beginning of the year, the data of the customs authority showed on Friday, since the highest tariffs of the United States partially compensate the impulse to the rare brilliant point of the country.
Exports in the period from January to February increased 2.3% in terms of US dollars from a previous year, which rises to expectations significantly promoting a 5% increase in a Reuters survey.
Compared to the growth of 10.7% in December6.7% in November, 12.7% in October, after a soft increase of 2.4% in September.
Customs data showed that imports fell 8.4% year -on -year in the first two months of 2025. Analysts expected imports to expand 1% year after year.
That followed a modest increase of 1.0% in December after abrupt 3.9% in November and 2.3% in October, in a sign that Beijing’s stimulus measures were launched at the end of last year They have helped support certain sectors in the economy.
Chinese exporters have rushed to the output shipments from the front since the end of last year about the anticipation of more rates when the president of the United States, Donald Trump, returned to the White House.
The first 10% Trump round tariffs in Chinese products entered into force on February 4, followed by Another increase in the 10% rate Kick only one month later, carrying the accumulative taxes at 20%.
China has retaliation with Additional tariffs on selected US products.including energy and agricultural products, while restricting exports of certain critical minerals that the United States needs.
The Customs Agency publishes combined commercial data during the first two months due to the distorting effects of the typically slow season during the Lunar New Year holidays, which fell at the end of January this year.
Despite the growing tariff tensions, Chinese leadership this week Establish an ambitious growth objective of around 5% This year, while recognizing the weak internal demand by adjusting the inflation objective at the lowest level in decades.
Beijing support
The pressure has been based on Chinese officials to release more forceful stimulus measures to underpin national consumption and housing sector, while reducing the dependence of the economy in exports and investment.
Exports contributed almost a quarter of China’s GDP last year, and the United States was the largest shopping partner in a single base of countries.
When Trump began his second term, he ordered his administration to investigate Beijing compliance with a commercial agreement arrived during his first presidency in 2020. The final result of the evaluation will be Delivered to Trump before April 1Potentially preparing the scenario for new tariff actions, economists said.
Since last year, Beijing has tried to increase consumption using exchange subsidies to encourage selected goods purchases. The authorities in January expanded the exchange program to include smartphones and more appliances.
As part of an extended fiscal package, Chinese leaders committed themselves to an annual parliamentary meeting this week, 300 billion additional yuans of Ultra Long Treasury Bonds for the support of consumer subsidies.
