Global News

China Trade Cools As Imports Fall Short But Exports Rise 11%

China Trade Cools As Imports Fall Short But Exports Rise 11%

The trade deficit with China is the U.S.'s largest with any trading partner and 2017's is the biggest with China in the almost five decades for which records exist. Total annual oil product exports a year ago hit 52.2 million tonnes, up 8 percent over 2016.

Imports of soybeans hit their second-highest monthly total in December of 9.55 million tonnes, and a record 95.54 million tonnes for the year.

Yuan-denominated imports rose 18.7 percent previous year, which produced a trade surplus of 2.87 trillion yuan.

"Export prospects remain solid, given our outlook for growth globally, although more forceful US trade restrictions on China's exports remain a key risk, following another rise in the U.S.' bilateral trade deficit in 2017", he said.

Overall exports in 2017 grew 7.9 percent, and total trade surplus grew to $422.5 billion, according to CNBC. "Appetite for imported iron ore from Chinese steel mills remains strong".

Saudi-led coalition says thwarts Houthi attack on oil tanker
A provincial health official says an airstrike by the Saudi-led coalition has struck a market in northern Yemen, killing 11 people, including an 11-year-old boy.

In an interview with The Wall Street Journal on Thursday, before the latest trade figures were published, Mr. Trump suggested he would have resorted to sterner measures to correct the trade imbalance with China if it weren't for Beijing's help in pressuring North Korea to stop its nuclear weapons development.

Chinese officials have threatened retaliation for any USA penalties in closed-door meetings with American officials and companies.

Taiwan was China's seventh largest trading partner in 2017, with trade between the two sides growing 14 percent from the previous year, according to Chinese customs data released Friday. The investigation, based on the rarely-used Section 301 of the Trade Act of 1974, could be a precursor to retaliatory US policies such as hefty tariffs on Chinese imports. "In contrast, import growth slowed sharply, raising questions over the state of domestic demand", Julian Evans-Pritchard, an analyst with research firm Capital Economics in Singapore, said in a note.

With the plan to heat millions of homes with the fuel proving overambitious, and leading to shortages, there was also a 3.2 percent month-on-month boost in coal imports in December after the government eased restrictions on imports to keep the country warm.


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