China’s imports, exports cool as US tariffs cast chill over trade

China’s export growth slowed in the first two months of 2025 compared to the end of 2024, a slackening observed after a late-year rush to front-load shipments ahead of additional tariffs from the United States that have since been enacted.

Exports rose by 2.3 per cent from a year earlier to US$539.94 billion in the combined figures for January and February, according to customs data released on Friday.

This represented a significant drop from the 10.7 per cent recorded in December and the 7.1 per cent seen over the same period in 2024.

Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said the slowdown may partly stem from the fading effects of last year’s blitz.

“The damage of higher US tariffs on China’s exports will likely show up next month,” Zhang said.

Last year, China logged a record-breaking trade surplus, with exports rising by 5.9 per cent and import increasing 1.1 per cent year on year. It was the biggest surplus recorded by any country in history and amounted to 5.2 per cent of China’s nominal gross domestic product, a Goldman Sachs report said last week.