Latest news with #customs data
South China Morning Post
2 hours ago
- Business
- South China Morning Post
IMF raises China's GDP outlook more than any other economy after strong first-half data
The International Monetary Fund (IMF) has substantially raised its growth forecast for China this year, while also slightly revising up global estimates, as China diversifies its export partners and trade tensions between the world's two largest economies de-escalate. Advertisement The IMF now projects that China's economy will expand by 4.8 per cent in 2025, up 0.8 percentage point from its previous forecast in April , according to its World Economic Outlook report released on Tuesday. The upwards revision for China's forecast was the largest among all countries and regions included in the report, as this year's global economic growth forecast was modestly revised up by 0.2 percentage points to 3 per cent. 'This revision reflects stronger-than-expected activity in the first half of 2025 and the significant reduction in US–China tariffs,' the IMF said in its report. And the IMF's chief economist, Pierre-Olivier Gourinchas, said at a press conference on Tuesday: 'A particularly important component [of China's economic activity] was the strength of exports from China to other parts of the world [beyond the US].' Advertisement Chinese shipments to its largest export destination, the US, fell by 10.9 per cent in the first half of the year amid threats of tariffs as high as 245 per cent in April, according to customs data. Despite this decline, the country's overall trade growth remained robust, with total exports rising 5.9 per cent over the same period, driven by growing shipments to regions such as Southeast Asia, Africa and Europe.
South China Morning Post
21-07-2025
- Business
- South China Morning Post
EU share of China's rare earth magnet shipments jumps in June
Following the acceleration of licence approvals for the export of rare earth elements, China's shipments of the minerals rebounded in June – and the proportion of its permanent magnets sent to the European Union rose to its highest level this year. Last month, China exported 3,188 tonnes of rare earth permanent magnets – an essential component for a variety of products, including electric vehicles (EVs), wind turbines, smartphones and aerospace vessels. This represented a 157.5 per cent increase from May and a 38.2 per cent drop year on year, according to customs data. Of this sum, some 1,364 tonnes of magnets were shipped to the EU, accounting for 43 per cent of June exports, up from 32 per cent in May. By comparison, the proportion for the United States stood at 11 per cent in June and 4 per cent in May. The US bought 353 tonnes of the magnets in June, a 660 per cent surge over the figure for May, though still down 52 per cent from the year before. After China imposed export controls on seven rare earth elements and magnets in retaliation for US tariff hikes in April, companies were required to obtain a government permit before shipping these products overseas. As a result, China's rare earth magnet export volume plummeted in April and May, each dropping by around 50 per cent month to month.
Bloomberg
14-07-2025
- Business
- Bloomberg
China's Rare-Earth Metal Exports Spike to Highest Since 2009
China's exports of rare earths in June climbed to their highest since 2009, according to official data, indicating a push by global buyers to get hold of the materials used to make powerful magnets. The rare-earths sector has been in turmoil since early April, when dominant supplier China launched export controls amid a deepening trade stand-off with the US. That's weighed most heavily on supplies of so-called permanent magnets, which are not covered by the customs data figures released on Monday.
