Pekin (Reuters)-China exports progressed more than expected in March, while factories rushed to send their deliveries before the entry into force of new customs rights announced by the United States, in a context of climbing the Sino-American trade war which threatens to stop the growth of the second world economy.

According to official data published on Monday, Chinese exports increased last month by 12.4% over one year, largely beating the consensus which appeared at +4.4% after an increase of 2.3% in January-February.

For their part, imports declined in March 4.3%at an annual rate, a larger withdrawal than anticipated by analysts (-2.0%) which occurs following an unexpected contraction over the first two months of the year (-8.4%).

The uncertainties on Washington’s commercial policy shaken the financial markets, while the American president Donald Trump unveiled on April 2, so -called “reciprocal” taxes on imports of dozens of countries before announcing an unexpectedly, a week later, a 90 -day break for these new customs duties.

However, the chief of the White House did not grant such a stay to China, on the contrary, in a few days, 145% the customs taxes taken from Chinese products imported into the United States.

Exports represent a puff of oxygen for a Chinese economy having experienced difficulties in rising permanently from the covid pandemic, while a crisis in the real estate sector and increased deflationary pressures weighed on morale.

Beijing has promised to fight “to the end” the customs duties imposed by Washington and to protect its economy against “external shocks” – comments that the markets consider to be announcing new financial measures and stimulus in the coming months.

The World Trade Organization (WTO) has warned that the Sino-American trade war could generate up to 80% of the drop in volumes of product deliveries between the two countries and seriously affect global growth.

Citing the impact of customs duties, Goldman Sachs revised downwards last week its gross domestic product growth (GDP) of China this year, at 4.0% against 4.5%. The government set for 2025 a growth target located “around 5%”.

According to Chinese customs data communicated on Monday, China’s trade surplus established in March at 102.64 billion dollars, against 104.8 billion in December (no data was communicated in January-February), amounts similar to those published a year earlier.

This is able to fuel the anger of Donald Trump, who has long claimed to want to remedy the important trade surplus of China with the United States.

(Xiuhao Chen, Ethan Wang and Ryan Woo; Jean Terzian)

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