In April, China's foreign trade turnover increased by 5,6 percent compared to the same period last year. According to a statement released by the General Administration of Customs of China, exports increased by 9,3 percent and imports increased by 0,8 percent during this period. Mechanical engineering and electronic products accounted for the main share of exports (approximately 60 percent).
In the 4 months of the year, the country's foreign trade increased by 2,4 percent, reaching 14,14 trillion yuan. Although exports increased by 7,5 percent, imports decreased by 4,2 percent.
It should be noted that some experts predicted a decrease in China's foreign trade against the backdrop of a trade or tariff war between the US and China. The Donald Trump administration gradually increased import duties on Chinese goods to 145 percent. In response, China raised customs duties on goods imported from the US to 125 percent. Last year, China's exports to the US were 462 billion dollars, and its imports from the US were 143 billion dollars. The US accounts for 14,7 percent of China's total exports and 6,3 percent of its imports. The US is China's largest export market at the country level and its 2-largest import source.
The first contact between the parties since the start of the trade war will take place in Switzerland on May 10. According to the statement of the Ministry of Foreign Affairs of China, the Chinese delegation will be led by Deputy Prime Minister He Lifeng, and the US delegation will be led by Treasury Secretary Scott Besent. This could be the first step towards resolving the trade war that is shaking the global economy. Wider tariff reductions are expected to be discussed at the meeting in Geneva.
