China's global exports boom amid renewed U.S. trade war

Summary

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Marketplace Morning Report

Episode: China’s global exports boom amid renewed U.S. trade war

Date: October 13, 2025
Host: William Lee Adams
Guest: Andy Xie (Independent Economist, Shanghai)
Special Report: Toda Upeyemi (BBC, Nigeria)

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Episode Overview

In this episode, Marketplace Morning Report delves into China's recent export surge amid escalating U.S.–China trade tensions, spotlighting the resilience and adaptability of China's export sector. The episode also examines the broader global economic implications—including significant government intervention in Chinese chip manufacturing in Europe, developments in cryptocurrency markets, and the impact of new trade restrictions on Nigeria's shea nut producers.

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Key Discussion Points & Insights

1. China’s Export Boon Despite U.S. Trade Tensions

[00:57–03:54]

• China’s exports grew by more than 8% in September 2025 compared to the previous year despite U.S. exports dropping by 27%.
• The United States' importance as an export destination for China is waning, now accounting for about 13–14% of China’s total exports.
• China is compensating for the downturn in U.S. exports by expanding into new markets, especially in renewable energy and electric mobility, where it is rapidly becoming dominant.

Notable Quotes

• "U.S. is still significant, for the time being…about 13 to 14% of the total export. But it’s becoming smaller. China is finding other markets."
  — Andy Xie [01:48]
• “The renewable energy and E mobility are really booming. Both are cheaper and more reliable…China is dominant in both areas.”
  — Andy Xie [02:00]
• “It looks like Chinese export future is quite bright.”
  — Andy Xie [02:23]

2. China’s Trade War Readiness

[02:27–03:54]

• Having experienced several years of U.S. trade pressure, China’s mood is less anxious and more resilient.
• Chinese engineers and domestic innovation have reduced dependency on U.S. technology.
• The government and public are no longer shaken by Trump-era trade threats, viewing them as another hurdle to withstand.

Notable Quotes

• “People have been used to so many shocks before, they don't think that it's going to bring calamity to China anymore…China is psychologically in a much, much better place now.”
  — Andy Xie [03:09]
• “What China wants is predictable behavior. This is why China is going to push it really hard. Trump cannot be behaved like Trump in the past. You have to stick to your words.”
  — Andy Xie [03:42]

3. European Security Moves Against Chinese Tech

[03:55–04:12]

• The Netherlands seizes control of Chinese-owned chipmaker Nexperia, citing security reasons.
• Shares in its parent company, Wingtech, dropped 10% in Shanghai, underlining mounting global scrutiny of Chinese tech investments.

4. Global Crypto Market Surge

[04:13–04:18]

• Aggregate market value of all cryptocurrencies increases by more than 6%, exceeding $4 trillion.

5. Impact of Nigerian Shea Nut Export Ban

[04:19–06:59]

• Nigeria, which supplies nearly 40% of the world’s shea nuts, imposed a six-month ban on raw shea nut exports to drive domestic processing and increase national market share.
• The sudden restriction devastates women who rely on the trade for household income, with many reporting a loss of over half their previous earnings.
• Traders are left with large quantities of unsold inventory, while the new export policy boosts local refineries like Salid Agriculture, Africa’s largest shea butter-only refinery.
• Nigerian officials argue the move is necessary to raise the local share of a $6.5 billion global market from less than 1% to 20% by 2030, but immediate economic pain hits rural families hardest.

Featured Voices

• “When I heard about the exports ban, I could not sleep. The money we make from this work is what we use to feed our families.”
  — Fatima Ndako, shea nut worker [05:16]
• “Immediately after the ban, we began to have calls, ‘Are you collecting shea nuts? We want to supply shea nuts.’ Before…the ban, we are not getting those information.”
  — Ali Sayyidou, Salid Agriculture [06:12]
• “We want…to get at least 20% of that market share, which is $1.3 billion.”
  — Kingsley Uzoma, agribusiness advisor [06:38]

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Notable Quotes Highlight Reel

• “The U.S. is still significant…but it’s becoming smaller. China is finding other markets.” — Andy Xie [01:48]
• “China is psychologically also…in a much, much better place now.” — Andy Xie [03:11]
• “What China wants is predictable behavior. This is why China is going to push it really hard.” — Andy Xie [03:45]
• “When I heard about the exports ban, I could not sleep.” — Fatima Ndako [05:16]

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Important Segment Timestamps

• [00:57] — Introduction, China’s export dynamics and new U.S. tariffs
• [01:32] — Andy Xie on China’s diversification of export markets
• [02:00] — China’s leadership in renewables and e-mobility
• [02:34] — Impact and public mood in China regarding trade war
• [03:29] — Expectations for upcoming Trump–Xi talks and China’s official stance
• [03:55] — European crackdown on Chinese tech in the Netherlands
• [04:45] — Nigeria’s shea nut trade, export ban, and local community impact

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Tone & Style

The conversation maintains a calm, analytical, and globally-minded tone—balancing on-the-ground economic realities with big-picture trends in trade and technology. First-person reflections from impacted individuals add human context, while expert analysis from Andy Xie delivers forward-looking, pragmatic economic perspective.

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This episode is a concise yet wide-ranging briefing for anyone interested in global markets, trade policy shifts, and their real-world consequences on industries and communities worldwide.

Transcript

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[William Lee Adams]

China's export surge despite a drop in US shipments. Live from the UK this is the Marketplace Warning Report from the BBC World Service. I'm William Lee Adams. Good morning. We start in China where a war of words over trade continues with the US following President Trump's latest threat to impose an additional 100% tariff on Chinese goods. Beijing urged the US to correct what it called wrong practices or face corresponding measures. But new data suggests China's exports are booming despite tariffs. Andy Xie, an independent economist, joins us from Shanghai. Andy, hello.

[Andy Xie]

Hello.

[William Lee Adams]

So figures out today show that Chinese exports rose more than 8% in September from a year earlier. That's despite the fact Exports to the U.S. are down 27%. Does China need the U.S. well, the.

[Andy Xie]

U.S. is still significant for the time being it's about 13 to 14% of the total export. But it's becoming smaller. China is finding other markets.

[William Lee Adams]

So where are those markets?

[Andy Xie]

Well, the renewable energy and E mobility are really booming. Both are cheaper and more reliable, their current alternatives. And China is dominant in both areas. You look at last year renewable energy investment, investment topped over $2 trillion, still rising at double digit rate. So I think that it looks like Chinese export future is quite bright.

[William Lee Adams]

Do you think that China is better prepared for a trade war now having already lived through a previous Trump administration?

[Andy Xie]

Oh yeah. I think that when it began seven years ago, a lot of pessimism in China. People felt very uncertain. Chinese economy was always export dependent. Also relied quite a bit on US technology. So I have seen is struggling. But China has lots of engineers. So that's China's advantage.

[William Lee Adams]

President Trump has hinted at reconciliation with Beijing on social media. He said, don't worry about China. It will all be fine. What's the mood in China ahead of Trump's planned meeting with China's President Xi Jinping later this month?

[Andy Xie]

People have been used to so many shocks before. They don't think that it's going to bring calamity to China anymore. So I think that China psychologically also is in a much, much better place now. So I think that China is going to toughen this one out.

[William Lee Adams]

What has China's government been saying about all this?

[Andy Xie]

Oh, China is. The government has already formally responded. It's a usual thing. Instead of threats, we need to negotiate, we need to communicate and so forth. China is willing to go through that. What China wants is predictable behavior. This is why China is going to push it really hard. Trump cannot be behaved like Trump in the past. You have to stick to your words.

[William Lee Adams]

Andy, thanks for joining Marketplace.

[Andy Xie]

Thank you.

[William Lee Adams]

Let's do the numbers. It looks like tensions with China aren't limited to the US in the Netherlands, the government has taken control of Chinese owned chipmaker Nexperia due to security worries. Shanghai listed shares in its parent company wingtech fell by 10% on Monday morning. The firm said it was consulting with lawyers elsewhere. The combined market value of all cryptocurrencies rose more than 6% to top $4 trillion. Now to Nigeria, which produces nearly 40% of the world's sheanuts. But new trade restrictions are hitting the women who rely on them most. The nuts processed into shea butter are a prized ingredient that sustains a multi billion dollar trade in cosmetics, food and medicine. In Niger State, at the heart of the West African shea Belt, families are already feeling the impact as the BBC's Toda Upeyemi.

[BBC Reporter Toda Upeyemi]

In open air yards across 90 states, a rhythmic percussive sound fills the air. It is the dull toad of wood against shell as women sit low to the ground cracking open sheer knots. This sound has powered Nigeria's sheer industry for generations. But a sudden six month ban on runout exports has left these women feeling hopeless. 55 year old Fatima Ndako relies on the share trade to feed her large family.

[Fatima Ndako]

When I heard about the exports ban I could not sleep. The money we make from this work is what we use to feed our families. I have over 10 people depending on what I earn, including my children, grandchildren and daughter in laws.

[BBC Reporter Toda Upeyemi]

The ripple effect is hitting the entire supply chain. Traders who buy from farmers are now stock with mountains of unsold stock each bag weighing up to 135 kilos. One trader told us the ban is costing him millions. With exports rout on pause. The women are earning less than half of what they used to and even that isn't guaranteed. Imokwa a new processing plant, Salid Agriculture, has opened its doors. It is Africa's largest shear butter only refinery. Its managing director, Ali Sayyidou says the ban has already boosted business. It is seeing a surge in supply of Russia notes.

[Ali Sayyidou]

Immediately after the ban, we began to have calls. Are you collecting share notes? Want to supply share notes before the ban? We are not getting those information.

[BBC Reporter Toda Upeyemi]

The government insists the ban is temporary and aims to strengthen Nigeria's position in the global share market. Kingsley Uzoma, agribusiness advisor to the presidency, explains their reasoning.

[Kingsley Uzoma]

We cannot be producing and other people are taking it. Our own companies are not taking it, are not making money. Nothing is accounted $6.5 billion annual market. We are getting less than 1%. We want from now to 2030 to get at least 20% of that market share, which is $1.3 billion.

[BBC Reporter Toda Upeyemi]

Officials promise long term gains, but for women already squeezed by falling prices and household demands, that promise feels distant.

[William Lee Adams]

Toda Opoyemi reporting. That's all for today. On behalf of the entire team, thank you for listening. In the UK I'm William Lee Adams with the Marketplace Morning Report from the BBC World Service.

[Kimberly Adams]

I'm Kimberly Adams, host of Make Me Smart, a podcast from Marketplace that makes today make sense. Join me throughout the week as I dig into the biggest stories in tech culture and the economy. Whether it's a vibe check on the job market or the latest on China US Relations, Make Me Smart helps you understand how the headlines actually impact your daily life. Listen to Make Me Smart on your favorite podcast.

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