China's imports from Netherlands skyrocket 32% in April, and we all know what they're buying

China has imported more than $1 billion in goods from the Netherlands in April 2024 alone, a rather hefty 32% increase even in the world of US export restrictions and the selling of semiconductor machines to China.

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China's imports from the Netherlands increased 32% last month from a year ago, to $1.4 billion, according to data released this week. The data doesn't show the breakdown of trade, which will come later this month, but we all know it's coming from Dutch company ASML, which makes semiconductor machines.

In the months leading up to April 2024, over 50% of the value of all Chinese imports from the Netherlands were just ASML's lithography machines, according to Bloomberg's analysis of the official data. The US has been restricting China's access to the latest chip-making tools, pressuring countries like the Netherlands to stop exporting equipment to China, and even stop repairing the equipment that China has already purchased.

• Read more: US President Joe Biden requested ASML to cancel shipments of its machines to China
• Read more: China president: we don't need ASML, 'no force can stop the pace of China'
• Read more: US adjusting export regulations for China, RTX 4090 D and H20 AI GPUs now banned

ASML had half its sales in Q1 2024 come from China, even after the new restrictions came into effect in January 2024, it hasn't slowed China down whatsoever. The imposition of controls on the sale of equipment to make semiconductors isn't working, ASML is benefitting, China wins, and the US has no power in the situation, it seems.