China's April Renminbi-Based Exports Up 5.1% Year-on-Year (Update)

Trade Growth This Year
Variable of US-China Tariff War

China's export value in April (in yuan) increased by 5.1% year-on-year, showing a return to growth.

According to the General Administration of Customs of China on the 9th, China's export value last month was 2.08 trillion yuan (approximately 390 trillion won), and import value was 1.56 trillion yuan (approximately 295 trillion won), increasing by 5.1% and 12.2% respectively compared to the same period last year. This export growth exceeded experts' expectations (+1.3%) compiled by major foreign media.

[Image source=Reuters Yonhap News]

Previously, China's export value in March decreased by 7.5% year-on-year in dollar terms, significantly below market expectations. With the rebound in April exports, China's total exports from January to April this year recorded 7.81 trillion yuan (approximately 1,470 trillion won), up 4.9% from last year. Imports were recorded at 6 trillion yuan (approximately 1,113 trillion won), an increase of 6.8%.

The General Administration of Customs explained that trade with ASEAN (Association of Southeast Asian Nations), the United States, and South Korea has been on the rise this year. Exports to ASEAN, China's largest trading partner, increased by 10%, and imports increased by 6.1% from January to April. China's exports to the U.S. from January to April this year increased by 2.4%, while imports decreased by 2.5%. During the same period, exports to South Korea, one of the four major trading partners, decreased by 4.2%, but imports increased by 15.2%.

Larry Hu, Chief China Economist at Macquarie Capital, told the Hong Kong South China Morning Post (SCMP), "China's exports still showed resilience even excluding base effects," and "China's strong export performance is expected to continue for at least the next six months." However, U.S. trade tariffs on China are considered a variable. Last month, U.S. President Joe Biden recommended the U.S. Trade Representative (USTR) raise tariffs on Chinese steel and aluminum products up to 25%, citing "unfair practices" where Chinese steel companies are dumping products at low prices with government subsidies.

Meanwhile, major international organizations have forecast a positive outlook for global trade this year, including China. The Organisation for Economic Co-operation and Development (OECD) said last week, "The growth rate of global goods and services trade could expand from 1% growth last year to 2.3% this year and 3.3% in 2025," predicting that "as global demand recovers, Chinese goods will gradually gain competitiveness in the world market, driving exports." Earlier, the International Monetary Fund (IMF) also estimated last month that the global trade volume growth rate would increase to 3% in 2024 and 3.3% in 2025.

This content was produced with the assistance of AI translation services.