China's exports jump to a two-year high, proving tariffs on Chinese EVs are not denting demand

Jessica Amir joined discussion · Sep 10, 2024 14:01

China's exports unexpectedly jumped to a two-year high rising almost 9% to $309 billion, the highest since September 2022, smashing past estimates.

The most significant growth in exports, with double-digit gains, was driven by a surge in shipments to India (+14.1%), to Brazil (+43%), and exports to EU grew 14%, with the most growth in exports to France +24%, and Germany +22%.

What is amazing is that exports to the EU continue to grow, and now stand at $46.83 billion.

Car exports rose, while steel exports surged, increasing by the most in three months.

This highlights that despite tariffs, especially those on Chinese EVs, it's done little to slow down Chinese EV demand especially as Chinese EVs are still comparatively lower than EU model, even with the tariffs.

Meanwhile, Chinese imports barely increased in the month, reflecting a lackluster domestic economy.