Latest news with #TradeSurplus
CTV News
13-06-2025
- Business
- CTV News
EU trade surplus with U.S. grows in April despite tariffs
European Commissioner for Trade and Economic Security Maros Sefcovic arrives for a meeting of EU trade ministers at the European Council building in Brussels, Thursday, May 15, 2025. (AP Photo/Omar Havana) BRUSSELS — The European Union's goods trade surplus with the United States expanded in April even after U.S. tariffs, data released on Friday showed, while the bloc's exports to China dropped for a ninth consecutive month. The EU's surplus in goods trade as a whole declined to 7.4 billion euros (US$8.5 billion) from 12.7 billion euros in April 2024, data from EU statistics agency Eurostat showed. The EU goods surplus with the United States increased, as it has done every month since January 2024. Both exports to and imports from the United States increased for a fourth consecutive month in April, although the growth was lower than in previous months. U.S. President Donald Trump has announced wideranging tariffs on trade partners, and wants to reduce the U.S. goods trade deficit with the EU. In March, EU exports to the U.S. rose by 59.5 per cent, implying U.S. importers were building stocks of EU and other goods ahead of tariff increases. European Union exporters faced 25 per cent tariffs on steel and aluminum from March 11, on cars from April 3 and on car parts from May 3. Washington doubled the rate on metals to 50 per cent on June 4. It also imposed so-called 'reciprocal' tariffs on most EU goods on April 5, initially at 20 per cent, but almost immediately cut to 10 per cent until July 8. The bloc's surpluses with Britain, Switzerland and Mexico fell, while its deficits with China, Norway and South Korea widened in April. EU exports of machinery and vehicles to the rest of the world fell by 4.3 per cent. There were also declines of its exports of raw materials and energy products, while food and drink and chemicals exports were higher than in April 2024. --- US$1 = 0.8681 euros Reporting by Philip Blenkinsop; Editing by Toby Chopra
Reuters
13-06-2025
- Business
- Reuters
EU trade surplus with US grows in April despite tariffs
BRUSSELS, June 13 (Reuters) - The European Union's goods trade surplus with the United States expanded in April even after U.S. tariffs, data released on Friday showed, while the bloc's exports to China dropped for a ninth consecutive month. The EU's surplus in goods trade as a whole declined to 7.4 billion euros ($8.5 billion) from 12.7 billion euros in April 2024, data from EU statistics agency Eurostat showed. The EU goods surplus with the United States increased, as it has done every month since January 2024. Both exports to and imports from the United States increased for a fourth consecutive month in April, although the growth was lower than in previous months. U.S. President Donald Trump has announced wideranging tariffs on trade partners, and wants to reduce the U.S. goods trade deficit with the EU. In March, EU exports to the U.S. rose by 59.5%, implying U.S. importers were building stocks of EU and other goods ahead of tariff increases. European Union exporters faced 25% tariffs on steel and aluminium from March 11, on cars from April 3 and on car parts from May 3. Washington doubled the rate on metals to 50% on June 4. It also imposed so-called "reciprocal" tariffs on most EU goods on April 5, initially at 20%, but almost immediately cut to 10% until July 8. The bloc's surpluses with Britain, Switzerland and Mexico fell, while its deficits with China, Norway and South Korea widened in April. EU exports of machinery and vehicles to the rest of the world fell by 4.3%. There were also declines of its exports of raw materials and energy products, while food and drink and chemicals exports were higher than in April 2024. ($1 = 0.8681 euros)
Argaam
09-06-2025
- Business
- Argaam
China's exports to US drop at fastest pace in over 5 years
China's exports to the US fell 34.4% in May 2025, marking the steepest drop since February 2020, Bloomberg reported, based on official data released today, June 9. The decline came despite the trade truce reached by the world's two largest economies on May 12, which involved reducing tariffs on certain imports between the US and China. This sharp fall offset an 11% rise in exports to other countries, showing the heft of the world's largest economy even as Beijing reduced its reliance on direct shipments to the market after Trump's first term. China's total exports rose by 4.8% year-on-year (YoY) in May to $316 billion, falling short of the expected 6% growth, official data showed. Meanwhile, imports declined by 3.4% YoY in May, continuing their fall for the third consecutive month. This led to a trade surplus of $103 billion for the month. Nonetheless, the overall growth in exports continues to support China's economy, with the country posting a record trade surplus of nearly $0.5 trillion so far this year.
Wall Street Journal
16-05-2025
- Business
- Wall Street Journal
EU Exports to U.S. Surge Ahead of Trump Tariffs
The European Union's exports to the U.S. hit a record high in March as businesses stockpiled goods ahead of an expected rise in tariffs that was announced by President Trump in early April. The EU exported 59.5% more goods to the U.S. compared with the same month of the previous year, totaling 71.4 billion euros, or around $79.86 billion, statistics agency Eurostat said Friday. The EU's trade surplus with the U.S., a key sticking point with Trump, swelled to 40.7 billion euros from 16.7 billion euros in March 2024.
Yahoo
09-05-2025
- Business
- Yahoo
China's exports to the US sink but beat forecasts as tariffs bite
China's exports to the United States tumbled in April while its trade with other economies surged, suggesting that President Donald Trump's tariffs offensive is hastening a shakeup in global supply chains. Total exports from China rose 8.1% last month from a year earlier, much faster than the 2% pace most economists had been expecting. That was — however — much slower than the 12.4% year-on-year increase in March. Imports fell 0.2% in April from the year before. Shipments to the US sank 21% in dollar terms as Trump's tariffs on most Chinese exports rose to as high as 145%. With Chinese tariffs on US goods at 125%, business between the two biggest economies has grown increasingly uncertain. China's imports from the US dropped more than 13% from a year earlier, while its politically sensitive trade surplus with the United States was nearly $20.5 billion (€18.2bn) in April, down from about $27.2bn (€24.2bn) a year earlier. In the first four months of the year, China's exports to the United States fell 2.5% from a year earlier, while imports from the US fell 4.7%. A potential break in the tariffs stalemate could come as soon as this weekend. Treasury Secretary Scott Bessent and other senior trade officials are due to meet with Chinese officials in Geneva on Saturday. But Beijing and Washington are at odds over a raft of issues, including colliding strategic interests that will may impede progress in the talks. Some of the punitive tariffs, including Beijing's retaliatory 125% tariffs on US exports, could be rolled back, but a full reversal is unlikely, Zichun Huang of Capital Economics said in a report. Related EU won't decouple from China as condition for reaching trade deal with Trump China raises tariffs on US to 125% in latest trade war escalation 'This means China's exports to the US are set for further declines over the coming months, not all of which will be offset by increased trade with other countries. We still expect export growth to turn negative later this year,' Huang said. Whatever the outcome of those discussions, the rapid increase in Chinese exports to other countries reflects a restructuring that began years ago but has gained momentum as Trump has raised barriers to exporting to the US. Global manufacturers have been looking for alternatives to a near total reliance on manufacturing in China after disruptions from the COVID-19 pandemic highlighted the need for more diverse options. The need for more versatile supply chains grew more apparent as Trump hiked tariffs on Chinese exports during his first term in office. Most of those remained during former President Joe Biden's term. Exports to the United States accounted for about a tenth of China's total exports in April and the US is still China's largest single-country market. But the European Union and Southeast Asia are larger regional export markets. Trade with a broader grouping, the 15-nation Regional Comprehensive Economic Partnership (RCEP), which does not include the United States, is still bigger. And exports to countries participating in China's 'Belt and Road Initiative,' a vast network of Beijing-supported infrastructure projects, are bigger still. In the first four months of the year, exports to the 10-nation Association of Southeast Asian Nations rose 11.5% from a year earlier, and those to Latin America also climbed 11.5%. Shipments to India jumped nearly 16% by value, and exports to Africa surged 15%. Some of the fastest growth was in Asia, reflecting moves by Chinese and other manufacturers to diversify their supply chains outside of the Chinese mainland. Most notable were exports to Vietnam, which jumped 18% year-on-year. Exports to Thailand were up 20%. Back in China, preliminary figures have shown a sharp decline in shipping and other trade activity. Earlier this week, Beijing announced a barrage of measures meant to counter the impact of the trade war on its economy, which was already struggling to regain momentum after the pandemic and a lengthy downturn in its housing sector.
