The volume of goods processed by Chinese ports slowed last week for the first time since the Lunar New Year holiday — a trend that will undercut the value of exports going forward if it continues.
China’s ports handled 244 million tons of cargo last week, 10 per cent less than a week earlier and down 4 per cent from the same week in 2024, according to Ministry of Transport data released Monday. The amount of cargo going through the nation’s ports peaked in the last week of March, which may represent a high point for Chinese trade if the dispute with the US escalates.
The number of containers processed also fell from a week earlier, while air cargo flights grew by more than 30 per cent for a ninth straight week.
The data for the week ending Sunday is the first official look at how Chinese exporters reacted to the tariffs that were announced by President Donald Trump at his April 2 ‘Liberation Day’ event. It contrasts with the picture over the first three months of the year, when the value of goods sent overseas grew almost 6 per cent.
Hundreds of billions of dollars in Chinese goods will still face an extra tariff of 145 per cent if companies continue to ship to the US, despite the exemptions from the highest level of levies announced over the weekend for some products. The US will also end the ‘de minimis’ exemption for small packages from next month, which might cut demand for air shipments.
The Trump administration has upended global trade with a slew of new tariffs, prompting China to retaliate. While some of those have been rolled back or reduced, most duties on Chinese shipments are still in place at levels that will decimate trade between the world’s two largest economies.