Exports from China soared in March ahead of the announcement of a series of tariffs on goods sent to the United States. In March, China's exports had risen 12.4 percent over the course of a year. In January and February, the annual increase was just over 2 percent.
On April 2, US President Donald Trump announced a series of tariffs on goods sent to the United States. The US tariff on goods from China was initially set at 34 percent. It has since been raised several times, and now stands at 145 percent. China has imposed a tariff of 125 percent on goods from the United States.
Julian Evans-Pritchard, head of China economics at the analysis company Capital Economics, points out, according to Reuters, that export growth picked up speed because manufacturers were busy shipping goods to the United States ahead of April 2. But shipments will fall in the coming months, he estimates.
- We believe it could take years for Chinese exports to recover to current levels, writes Julian Evans-Pritchard in a message to the analysis company's clients.
On Saturday, the US Customs and Border Protection announced that Trump would exempt computers, phones and chips from retaliatory tariffs. This was reported by CNBC. On Sunday, however, the US Secretary of Commerce, Howard Lutnick, said in an interview with ABC News that the decision was only temporary.
A number of electronic goods will be subject to "semiconductor tariffs", which will be introduced in the course of "a month or two", it was said. Semiconductor components are used in computers, among other things. In March, China's trade surplus was 102.64 billion. dollars, equivalent to just over 670 billion. DKK. This is a smaller decrease compared to the latest figures from December.
However, if you look exclusively at China's trade with the United States, the trade surplus increased in the first quarter compared to a year ago. Among other things, Trump has justified the increased tariffs by saying that the United States' trade deficit must be reduced.
China has complained to the World Trade Organization (WTO) on several occasions about the American punitive tariffs on Chinese goods. The Chinese side has said that it is seeking dialogue with the United States, but that it will "fight to the end" to protect Chinese interests.
jel /ritzau/Reuters
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