China reports exporting more goods to America than the US says it imports since the 2025 Trump tariffs

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Notes: Exports are valued free on board (FOB). US general imports are measured at customs value, excluding international freight, insurance, and import duties. Both indices use the 2024 monthly average as the baseline. Only Hong Kong’s domestic exports to the United States are included. Adding re-exports of Chinese goods would increase the measured reporting gap.

Source: Author’s calculations using China Customs and Hong Kong Census and Statistics Department interactive trade tables; US Census Bureau; Federal Reserve Economic Data (FRED).Download image