Wednesday, 20 March, 2019

China's exports shrink most in two years, raising risks for global economy

Containers are seen at the Yangshan Deep Water Port in Shanghai China Containers are seen at the Yangshan Deep Water Port in Shanghai China
Jean Garcia | 14 January, 2019, 17:58

Despite efforts by the Trump administration to pressure Beijing into reducing the US-China trade deficit, the trade surplus with the US still reached $323.32 billion a year ago - the highest level since 2006.

Many U.S. warehouses are already packed to the rafters with Chinese goods that American retailers rushed in ahead of higher tariffs.

The bigger trade gap may add pressure on the Trump administration to raise the tariffs on China further.

Traditionally China imports vast quantities of American soybeans in the second half of the year, long making it the most valuable import from the US.

Exports in December unexpectedly fell 4.4 per cent from a year earlier, with demand in most of its major markets weakening.

"The export growth print also suggests that the recent strength of the yuan might be short-lived; Beijing will perhaps be more eager to strike a trade deal with the USA; and that policymakers will need to take more aggressive measures to stabilise GDP growth". China has retaliated with tariffs of its own.

Samsung reveals the notch, features and launch date for Galaxy M
On the government's move to tighten norms for e-commerce companies, Warsi said Samsung will continue to conform with the laws. The company claims the phones will deliver "power-packed" performance and will focus on young millennials.

China's global trade volume rose previous year but its surplus with the world fell 16.2% to $351.76 billion in 2018, as imports rose 15.8% while exports gained 9.9%.

US President Donald Trump has repeatedly slammed China's trade surplus with the US and the country's allegedly unfair trade practices.

China's export growth is expected to have eased for a second straight month in December as global demand weakened, raising pressure on Beijing as it tries to reach a trade deal with Washington.

The customs administration said it will work to "improve the country's business environment and expand foreign trade in order to keep employment, the financial sector, foreign trade, foreign investment" stable.

But a slew of bad data has added to concerns about China's economy, which is expected to have grown around 6.5% in 2018, down from 6.9% in 2017 and the weakest rate in nearly three decades. He added that cooperation with Belt and Road countries "has become new driving force of China's foreign trade development".

China's exports unexpectedly fell the most in two years in December and imports also contracted, pointing to further weakness in the world's second-largest economy in 2019 and deteriorating global demand.

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