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Time of India
a day ago
- Business
- Time of India
Move away from US: China exports emerge strong despite Donald Trump's tariff chaos; is the record trade surplus sustainable?
China achieved a historic trade surplus of approximately $586 billion in the first six months of the year. (AI image) China seems to have diversified its export markets away from the US, reporting a record trade surplus despite the global turmoil and uncertainty created by American President Donald Trump's tariff war. China achieved a historic trade surplus of approximately $586 billion in the first six months of the year, with exports to the United States showing signs of stabilisation despite the ongoing tariff situation that has disrupted international trade. June saw exports increase by 5.8% year-on-year, reaching $325 billion, surpassing analysts' expectation. Additionally, imports registered their first positive growth since February, rising by 1.1%, according to statistics released by the General Administration of Customs on Monday. China Finds Other Markets Apart From US Whilst exports to the United States declined by 16.1% compared to the previous year, following May's 34% decrease, Chinese businesses successfully expanded their market presence elsewhere, according to a Bloomberg report. Notably, exports to the Association of Southeast Asian Nations (Asean) member states demonstrated remarkable growth, increasing by 17% compared to the same period last year. Also Read | India-US trade deal: Indian team reaches Washington DC for fresh round of talks; Donald Trump's tariff deadline nears "China's trade withstood challenges and showed growth in the first half of the year," stated Wang Lingjun, deputy head of the customs agency, during a press briefing. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Park Crescent at Alembic City, Vadodara – Luxury Homes from ₹2.20 Cr* Onwards Alembic City West Learn More Undo "But we need to note that unilateralism and protectionism are on the rise globally, and the external environment is becoming more complex, grim and uncertain,' Wang Lingjun said according to the Bloomberg report. The redirection of exports from the US market demonstrates Chinese manufacturing sector's adaptability, providing support to their decelerating domestic economy during a particularly volatile period in global trade. China's Trade Resilience Sustainable? The sustainability of this recent performance remains uncertain, as the Trump administration seeks to restrict the movement of Chinese goods to America through third-party countries. The United States recently introduced new tariffs on its trading partners, set to be implemented from August 1. Additionally, it imposed a 50% tariff on copper imports and indicated plans for additional sector-specific duties. Also Read | Countering China: India eyes Rs 1,345 crore scheme on rare earth magnets; Indian companies express interest "The pick-up in headline export growth mainly reflected the rebound of US-bound exports in June, likely due to the substantial tariff reduction following the US-China trade talks in Geneva in May," Goldman Sachs Group Inc. economists including Andrew Tilton said in a report. "Both export and import growth surprised to the upside." Despite US tariffs on Chinese products decreasing to approximately 55% from a peak of 145% in early April, China faces increasing challenges from America's developing trade policies. A recent accord with Vietnam includes a 20% tariff on Vietnamese exports to the United States and a higher 40% duty on transshipped goods, addressing a strategy Chinese exporters have traditionally used to avoid American tariffs. This measure could reduce demand for Chinese products exported directly to the US and affect components used in supply chains across various countries. US Treasury Secretary Scott Bessent announced plans for an upcoming meeting with his Chinese counterpart to further their ongoing dialogue. The robust trade performance provides a positive signal for the economy, which has been struggling with deflation and a prolonged property sector downturn that has affected consumer spending and asset values. According to a Bloomberg survey, official data releasing on Tuesday is anticipated to reveal a 5.1% year-on-year increase in gross domestic product for the quarter ended June. "It seems the front loading of exports to the US has not ended," said Zhiwei Zhang, chief economist at Pinpoint Asset Management. "The strong exports help to partly offset the weak domestic demand and likely keep GDP growth around the government target of 5% in the second quarter." Also Read | India's tough stand against Chinese FDI: Indian electronics component makers eye tie-ups with South Korea, Taiwan firms; significant shift away from China Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
China exports soared in June, beating forecasts
China's exports reached record highs last year – a lifeline to its slowing economy as pressures elsewhere mounted. (EPA Images pic) BEIJING : China's exports jumped in June, official data showed today, beating forecasts in a month when Washington and Beijing agreed a tentative deal to lower swingeing tariffs on each other. Data from the General Administration of Customs said exports rose 5.8% year-on-year, topping the 5% forecast in a Bloomberg survey of economists. Imports rose 1.1% – beating the predicted 0.3% gain. China's exports reached record highs last year – a lifeline to its slowing economy as pressures elsewhere mounted. Beijing has struggled to sustain growth since the pandemic as it battles a prolonged debt crisis in the property sector, chronically low consumption and high youth unemployment. A bruising trade war with the US, driven by President Donald Trump's policy of sweeping import tariffs, has made things more difficult for the world's second-largest economy. Washington and Beijing have de-escalated their trade spat after reaching a framework for a deal at talks in London last month, but observers warn of lingering uncertainty. Customs official Wang Lingjun said at a news conference today that Beijing '(hopes) that the US will continue to work together with China towards the same direction', state broadcaster CCTV reported. 'The tariff truce was 'hard won',' Wang said. 'There is no way out through blackmail and coercion. Dialogue and cooperation are the right path,' he added.
Straits Times
2 days ago
- Business
- Straits Times
China emerges from trade chaos with record exports and surplus
Sign up now: Get ST's newsletters delivered to your inbox China ended the first half of 2025 with a record trade surplus of about US$586 billion (S$751 billion) after exports to the US began to stabilise, as factories rode out the tariff roller coaster that upended global commerce. Exports rose 5.8 per cent in June from a year earlier to US$325 billion, exceeding the median estimate in a Bloomberg survey of analysts. Imports rose 1.1 per cent to grow for the first time since February, according to data from the General Administration of Customs on July 14. Shipments to the US fell 16.1 per cent from a year earlier after slumping by more than 34 per cent in May. Chinese companies were able to increase their sales in other markets to compensate for the drop to the US, with exports to the 10 South-east Asian nations in the Asean group soaring 17 per cent from a year earlier. 'China's trade resisted pressure and progressed in the first half of the year,' customs agency deputy head Wang Lingjun said at a press briefing. 'But we need to note that unilateralism and protectionism are on the rise globally, and the external environment is becoming more complex, grim and uncertain.' Diversions of exports away from the US help explain the resilience of Chinese factories, supporting a slowing domestic economy during one of the most turbulent periods in international trade. The question now is how long the recent strength will last, as the Trump administration looks to curb the transshipment of goods to America through other countries. The US last week announced a raft of new levies on trading partners, declaring those tariffs will take effect on Aug 1. It also unveiled a 50 per cent tariff on copper imports and signalled more sectoral levies are in the works. While US tariffs on Chinese goods have been cut back to around 55 per cent, down from as high as 145 per cent in early April, Beijing faces mounting risks from Washington's evolving trade strategy. A new agreement with Vietnam, for instance, includes a 20 per cent tariff on Vietnamese exports to the US and a steeper 40 per cent duty on goods deemed to be transshipped, targeting a workaround Chinese exporters have long used to evade American tariffs. The move could curb demand for Chinese products headed directly to the US, as well as for components used in supply chains across other countries. Treasury Secretary Scott Bessent said he expected to meet with his Chinese counterpart in the coming weeks to continue discussions. 'It seems the front loading of exports to the US has not ended,' said Pinpoint Asset Management chief economist Zhang Zhiwei. 'The strong exports help to partly offset the weak domestic demand and likely keep gross domestic product growth around the government target of 5 per cent in the second quarter.' BLOOMBERG
Yahoo
2 days ago
- Business
- Yahoo
China's Export Growth Picks Up as Fragile Trade Truce Holds
(Bloomberg) -- China's export growth accelerated for the first time since March, driven by a reduction in US tariffs and robust demand from key overseas markets. Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Philadelphia Reaches Pact With Workers to End Garbage Strike Exports rose 5.8% in June from a year earlier to $325 billion, coming in above the 5% growth forecast by economists in a Bloomberg survey. Imports rose 1.1% for their first growth since February, resulting in a trade surplus of $115 billion last month, according to data from the General Administration of Customs on Monday. China's booming exports have been a key driver of the economy in the first half of 2025, giving companies a boost as domestic demand remains weak. But that support might fade in the second half if global trade tensions start to escalate. 'China's trade resisted pressure and progressed in the first half of the year,' Wang Lingjun, deputy head of the customs agency, said at a press briefing. 'But we also need to see that unilateralism and protectionism are on the rise globally, and the external environment is becoming more complex, grim and uncertain.' The Trump administration last week announced a raft of new levies on trading partners, declaring those tariffs will take effect on Aug. 1. It also unveiled a 50% tariff on copper imports and signaled more sectoral levies are in the works. US tariffs on Chinese goods have been cut back to around 55%, down from as high as 145% in early April. That has helped narrow the decline in China's exports to the US, according to Wang. Still, Beijing faces mounting risks from Washington's evolving trade strategy. A new agreement with Vietnam, for instance, includes a 20% tariff on Vietnamese exports to the US and a steeper 40% duty on goods deemed to be transshipped, targeting a workaround Chinese exporters have long used to evade American tariffs. The move could curb demand for Chinese products headed directly to the US as well as for components used in supply chains across other countries. Treasury Secretary Scott Bessent said he expected to meet with his Chinese counterpart in the coming weeks to continue discussions. 'It seems the front loading of exports to the US has not ended,' said Zhiwei Zhang, chief economist at Pinpoint Asset Management. 'The strong exports help to partly offset the weak domestic demand and likely keep GDP growth around the government target of 5% in the second quarter.' (Updates with a comment in final paragraph. A previous version of this story was corrected to remove outdated export growth estimate in second paragraph.) 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Trump's Cuts Are Making Federal Data Disappear Trade War? No Problem—If You Run a Trade School Soccer Players Are Being Seriously Overworked Will Trade War Make South India the Next Manufacturing Hub? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
France 24
2 days ago
- Business
- France 24
China exports soared in June, beating forecasts: official data
Data from the General Administration of Customs said exports rose 5.8 percent year-on-year, topping the five percent forecast in a Bloomberg survey of economists. Imports rose 1.1 percent -- beating the predicted 0.3 percent gain. China's exports reached record highs last year -- a lifeline to its slowing economy as pressures elsewhere mounted. Beijing has struggled to sustain growth since the pandemic as it battles a prolonged debt crisis in the property sector, chronically low consumption and high youth unemployment. And a bruising trade war with the United States, driven by President Donald Trump's policy of sweeping import tariffs, has made things more difficult for the world's second-largest economy. Washington and Beijing have de-escalated their trade spat after reaching a framework for a deal at talks in London last month, but observers warn of lingering uncertainty. Customs official Wang Lingjun said at a news conference on Monday that Beijing "(hopes) that the US will continue to work together with China towards the same direction", state broadcaster CCTV reported. The tariff truce was "hard won", Wang said. © 2025 AFP
