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(Bloomberg) — China’s imports from the European Union dropped for the first time in three months, again swelling a trade imbalance that’s put it on a collision course with the bloc.
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In sharp contrast to China’s surging purchases of foreign goods in May, its imports from the EU slumped 1.3% after two months of gains, according to preliminary and partial data released by the General Administration of Customs on Tuesday. Though exports to the EU slowed and grew 7.6%, the weakest since last October, China’s trade surplus with the bloc still widened slightly from April to stay above $30 billion.
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The extent of the imbalance will keep the spotlight on a lopsided trading relationship that’s prompting officials in Europe to start weighing new restrictive measures against Beijing.
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Forging a common stance on China has proved difficult in the past. And with the standoff intensifying, Beijing has pledged that it would retaliate if the EU were to proceed with new trade curbs.
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French President Emmanuel Macron is set to host a video call between the the Group of Seven countries and China to address global trade imbalances, Politico reported.
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The latest Chinese customs data for May showed imports from Germany plummeted 6.2% from a year earlier, in a reversal from two months of gains. China’s purchases from France grew 24%, roughly the same rate as in April, while imports from the Netherlands returned to expansion with a gain of 8.8%.
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More detailed data is set to be published later this month.
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An escalation of tensions with the EU could pose a risk to Beijing’s favored “new three” energy industries: solar, electric vehicles and lithium-ion batteries. Based on 2025 values, the bloc was the destination for about 40% of exports in each of those categories, according to HSBC Holdings Plc.
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“Going forward, while support should continue from stronger demand for sustainable energy products amid the oil supply squeeze, alongside China’s competitive pricing and quality, an extended China-EU trade dispute could be a key risk,” HSBC economists led by Taylor Wang said in a note.
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(Updates with comment in final two paragraphs.)
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English (US)