"China's annual trade surplus has exceeded $1tn for the first time, as the manufacturing powerhouse shrugged off the impact of Donald Trump's trade war. New trade data today shows that Chinese factories swelled their sales to non-US markets this year, making up from a sharp drop in shipments to the US. In November, China's exports grew 5.9% year-on-year, customs data shows."
"That reverses a 1.1% contraction in October, and beats analyst forecasts. And for the first 11 months of the year, China's annual trade surplus (the difference between what it exported and imported), rose above the $1tn mark for the time (by my maths it was over $1.07tn). While exports to the US have slowed this year, due to the trade tensions between Washington and Beijing, China has turned to other markets such as Europe."
"Lynn Song, ING's chief economist for Greater China, explains: November exports to the US were down -28.6% YoY, a three-month low, bringing the year-to-date growth to -18.9% YoY. It's likely that November exports have yet to fully reflect the tariff cut, which should feed through in the coming months. Also, the frontloading effect as US importers ramped up purchases ahead of tariffs will act as a headwind on trade in the coming months."
China's annual trade surplus exceeded $1.07tn for the first 11 months of the year, marking the first time the annual surplus topped $1 trillion. Exports grew 5.9% year-on-year in November, reversing a 1.1% contraction in October and beating forecasts. Exports to the US fell sharply, with November down 28.6% year-on-year and year-to-date growth at -18.9%, while exports to Europe and other non-US markets accelerated. November figures may not yet reflect recent tariff reductions and prior frontloading by US importers will weigh on future trade. Product-level gains included ships (26.8%), semiconductors (24.7%), autos (16.7%), and a 26.5% month-on-month jump in rare earth exports.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]