1 May 2026 | 7:40AM HKT Economics Research c45a43530f604d12bcb9a82b5aa6b9f6 2 Part of the decline in direct US-bound exports could be attributed to rerouting through EMs, most notably ASEAN economies. Therefore, on a value-added basis, total US imports from China did not drop as much as the bilateral trade value data suggest. 3 We estimate that China's imports from Switzerland contributed 32.4 percentage points to the 71.2% year-over-year growth in the 'others' category during Q1. Investors should consider ...