China's exports rose higher than expected 8% in April as new US tariffs took effect
Beijing (AP): China's exports rose 8.1% in April from the year before, the government said Friday, faster than economists were expecting, though exports to the United States sank more than 20%.
Economists had forecast that China's global exports would grow about 2% in April, down from a whopping 12.4% year-on-year increase in March. Imports fell 0.2% in April from the year before.
The data were released a day before US Treasury Secretary Scott Bessent and other top US officials were due to meet with Beijing's lead trade envoy, He Lifeng. The plans for talks in Geneva, Switzerland, could bring a shift in the stalemate over President Donald Trump's hikes in tariffs on Chinese good to as much as 145%.
But the world's two biggest economies are at odds over a raft of issues, including colliding strategic interests that will likely impede progress in the talks.
Some of the punitive tariffs, including Beijing's retaliatory 125% tariffs on U.S. exports, could be rolled back, but a full reversal is unlikely, Zichun Huang of Capital Economics said in a report.
“This means China's exports to the U.S. are set for further declines over the coming months, not all of which will be offset by increased trade with other countries. We still expect export growth to turn negative later this year,” Huang said.
China's politically sensitive trade surplus with the United States was nearly $20.5 billion in April, down from about $27.2 billion a year earlier. In the first four months of the year, China's exports to the United States fell 2.5% from a year earlier, while imports from the U.S. fell 4.7%.
Preliminary data also show that U.S. imports from other countries not subject to US President Donald Trump's 145% tariff on Chinese products have been rising quickly.
Exports to the United States form just a part of China's trade, and exports to the rest of the world have helped offset that weakness. Exports to Southeast Asian countries were up 11.5% from a year earlier in the first four months of this year. Exports to Latin America also climbed 11.5%. Shipments to India jumped nearly 16% by value, and exports to Africa surged 15%.
Some of the fastest growth was in Asia, reflecting moves by Chinese and other manufacturers to diversify their supply chains outside of the Chinese mainland.
Exports to Vietnam jumped 18% year-on-year, while exports to Thailand were up 20%.
Measured on a monthly basis, China's total exports rose just 0.6% in April, while imports increased by nearly 4% from March.
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Jamshedpur man among crew of LPG vessel back from West Asia, family heaves sigh of relief
Jamshedpur (PTI): A family in Jharkhand's Jamshedpur heaved a sigh of relief after learning that the Indian-flagged LPG vessel Shivalik, on which their son was working, had safely reached Gujarat's Mundra port after crossing the Strait of Hormuz amid the conflict in West Asia.
Mithilesh Tripathy said his only son, Ansh Tripathy, who serves as the second engineer on the vessel, was responsible for monitoring the ship's technical operations during the journey through the strategically crucial maritime corridor.
Tripathy said he last spoke to his son over a WhatsApp call about four to five days ago, when the vessel was leaving Qatar.
"They were instructed to maintain a safe distance from the Strait of Hormuz until they received the green signal from headquarters. The Indian government was negotiating with Iranian authorities to ensure safe passage," Tripathy told PTI.
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A former flight engineer with the Indian Air Force, Tripathy later worked at Uranium Corporation of India in Jadugora near Jamshedpur. He now lives in a residential society near Pardih in the city.
Speaking about his son, Tripathy said Ansh completed his schooling in Jamshedpur and Jadugora, pursued mechanical engineering at BIT, and later graduated as a marine engineer from Kochi. He joined the Shipping Corporation of India around 2014-15.
"Before leaving Qatar, Ansh told me they were heading towards the Indian Ocean. That was all he said," he added, noting that he did not discuss the number of crew members on board.
Tripathy said the family remained anxious after hearing about the war in West Asia.
"We were extremely worried about Ansh and the crew members since the war broke out in the region. We were glued to the TV for updates," he said, expressing relief after hearing that the ship had reached Mundra port safely.
"It was a very painful time, but we were confident that if my son and the crew returned safely, it would be due to the efforts of PM Narendra Modi and External Affairs Minister S Jaishankar," he said.
Tripathy said that while people may hold different views about the tensions in West Asia, his experience in the Air Force helped him understand the realities of operating in a conflict zone.
Two Indian-flagged LPG carriers, Shivalik and Nanda Devi, with 92,712 metric tonnes of LPG, crossed the Strait of Hormuz early on Saturday following negotiations between India and Iran.
Shivalik arrived at the Mundra Port on Monday with 46,000 metric tonnes of LPG ordered by Indian Oil Corp Ltd, officials said.
While 20,000 MT will be unloaded at Mundra, 26,000 MT will be unloaded at Mangaluru, they said.
Nanda Devi is scheduled to reach Gujarat's Kandla port on Tuesday, they added.
These two ships were among the 24 ships stranded on the west side of the strait since the war broke out in the region.
Besides the 24 on the west side of the strait, four others were stranded on the east side.
India imports about 88 per cent of its crude oil, 50 per cent of its natural gas and 60 per cent of its LPG needs. Before the US-Israel strikes on Iran on February 28 and Tehran's retaliation, more than half of India's crude imports, about 30 per cent of gas and 85-90 per cent of LPG imports came from West Asian countries such as Saudi Arabia and the UAE.
The conflict has led to a blockade of the Strait of Hormuz, the main transit route for Gulf energy supplies.
