China’s exports exceeded expectations in April, despite a decline in trade with the US, according to official data released ahead of high-stakes talks between Washington and Beijing over Trump’s tariffs.
Data from China’s General Administration of Customs on Thursday showed exports to the US declined 17.6% in April.
Nonetheless, China’s total outbound shipments rose by a stronger-than-expected 8.1% year-on-year, surpassing the 2% growth anticipated by analysts polled by Bloomberg.
“The damage of the US tariffs has not shown up in the trade data in April,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.
He attributed the unexpected strength to older contracts and possible transshipment routes through third countries.
Trade relations between the world’s two largest economies remain under pressure since the US, under President Donald Trump, imposed multiple rounds of tariffs, with rates on some Chinese goods climbing to as high as 145%. Some cumulative duties now exceed 245%.
Beijing responded with retaliatory tariffs reaching 125%, and additional measures targeting US firms operating in China.
US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are scheduled to meet with Chinese Vice Premier He Lifeng in Switzerland on Saturday and Sunday — the first such talks since the latest round of tariffs was unveiled.
The planned dialogue comes amid a glimmer of optimism, after Trump suggested there may be room to ease the tariff measures.
“You can’t get any higher. It’s at 145%, so we know it’s coming down,” Trump told reporters. “I think we’re going to have a very good relationship.”
In a statement Friday, Chinese deputy foreign minister Hua Chunying said Beijing remains confident in its ability to manage relations with Washington.
“We do not want any kind of war with any country,” she said. “But we have to face up to reality. People in the US are already suffering from the tariff war.”
China’s imports also slightly outperformed forecasts, falling just 0.2% compared to the 6% decline analysts had expected — a sign that domestic demand, while still tepid, may be stabilising.
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