Chinese imports unexpectedly shrink, exports slow
By Iain Gilbert
Date: Friday 07 Mar 2025
(Sharecast News) - Chinese imports unexpectedly shrank in the first two months of 2025, while exports also decelerated amid escalating trade tensions with the US.
Imports fell 8.4% year-on-year in the two months ended 28 February, missing expectations for an unchanged 1% increase, while exports rose just 2.3%, missing expectations for a 5% increase and slowing from December's 10.7% increase.
Crude oil imports fell 5% year-on-year, while rare earth imports sunk 24.1% and copper imports fell 7.2%. Iron ore imports were down 8.4% as a result of weather-related disruptions in Australia. Imports by state-owned enterprises sunk 20.6%, while private firms registered a 2.7% rise.
Exports to the US grew 2.3% year-on-year over the two months, while shipments to the European Union and Japan grew 0.6% and 0.7%, respectively, and exports to the Association of South-East Asian Nations, China's biggest trading partner, grew 5.7% year-on-year. Exports to Russia, on the other hand, fell 10.9%.
China's overall trade surplus grew to $170.52bn in the first two months of the year as the world's second-largest economy continues to deal with mounting US tariff pressures as the two edge closer to a full-blown trade war after Donald Trump slapped additional tariffs on all Chinese goods. China quickly retaliated by imposing 10-15% tariffs on US farm products.
"If war is what the US wants, be it a tariff war, a trade war or any other type of war, we're ready to fight till the end," said the Chinese embassy in some of its strongest rhetoric since Trump's inauguration in January.
Reporting by Iain Gilbert at Sharecast.com
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