CNBC reports:

China’s exports surged in April on the back of a jump in shipments to Southeast Asian countries, offsetting a sharp drop in outbound goods to the U.S. as prohibitive tariffs kicked in.

Exports jumped 8.1% last month in U.S. dollar terms from a year earlier, according to data released by customs authority on Friday, sharply beating Reuters’ poll estimates of a 1.9% rise.

Imports slumped by just 0.2% in April from a year earlier, compared with economists’ expectations of a 5.9% drop.

China’s shipments to the U.S. plunged over 21% in April year on year, while imports dropped nearly 14%, according to CNBC’s calculation of official customs data. Chinese U.S.-bound shipments had risen 9.1% in March, as exporters rushed to frontload orders ahead of tariff hikes.

In the first four months this year, China’s exports to the U.S. dropped 2.5% while imports fell 4.7% from a year earlier, according to official data.

The surge in overall exports could be partly due to transshipment through third countries and contracts that were signed before the tariffs were announced, Zhiwei Zhang, president and chief economist at Pinpoint asset management said in a note. Zhang expects trade data to weaken gradually in the next few months.

China’s exports to the Association of Southeast Asian Nations surged 20.8% in April from a year earlier, accelerating from a 11.6% growth in March. While Vietnam and Malaysia remained the main destinations for Chinese exports to the region, Indonesia and Thailand saw shipments from China grow 37% and 28% year on year, respectively.

Meanwhile, China’s exports to the European Union rose 8.3%, while imports fell 16.5% year on year. Exports had risen by 10.3%, while imports had dropped 7.5% in March. [Continue reading…]