China’s Imports Surge by 8.4% in April, Exceeding Expectations

Confidence UbaniMay 10, 20241 Mins read123

China’s customs agency revealed a robust performance in April, with imports exceeding expectations, particularly from the U.S., while exports remained steady, according to data released Thursday.

Despite a drop in exports to key trading partners like the U.S., European Union, and Russia, Chinese imports from these regions experienced a notable increase last month, according to CNBC calculations based on official data.

The latest figures indicated a 1.5% year-on-year increase in China’s exports in U.S. dollar terms, while imports surged by an impressive 8.4%, surpassing forecasts.

Expectations for April had anticipated a more modest growth, with exports forecasted to rise by 1.5% year-on-year and imports by 4.8%, as indicated by a Reuters poll.

In contrast to March, where both exports and imports witnessed a decline year-on-year, April showcased a remarkable rebound in imports, particularly from the U.S., which saw a 9% increase compared to the previous year, while exports to the U.S. dropped by nearly 3%.

Despite the ongoing trade tensions, the U.S. remains China’s largest trading partner individually, while the Association of Southeast Asian Nations (ASEAN) holds the title of China’s largest trading partner regionally.

China’s exports to ASEAN marked an 8% rise in April from a year ago, accompanied by a 5% increase in imports. Meanwhile, exports to the EU declined by approximately 3.5%, while imports saw a rise of nearly 2.5%.
The data also revealed a surge in exports and imports to Vietnam, though no specific breakdown was provided for Mexico.

April saw an increase in China’s imports and exports of integrated circuits compared to the previous year, alongside notable rises in exports of cars, LCD panel displays, and home appliances, while exports of cellphones and ships declined slightly.

In terms of imports, China witnessed a rise in crude oil and natural gas imports, along with increases in steel, plastics, medicines, and automatic data processing machines and parts.

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