Published: Sun, February 12, 2017
Business | By Megan Pierce

China's Export Machine Powers Ahead In January Despite Trump Threats

China's Export Machine Powers Ahead In January Despite Trump Threats

Crude oil imports reached 34.03 million metric tons in January, 27.5 percent higher than the same period a year earlier.

Exports jumped 7.9% in January from a year earlier, following a 6.1% drop in December, the General Administration of Customs said Friday.

China's exports and imports are expected to grow by 4 percent and 2.2 percent in 2017 as global trade is likely to warm slightly, according to a research paper released by Nomura Securities.

Manufacturing activity and fuel demand typically slows ahead of the Lunar New Year as production of raw materials eases.

Copper concentrate and ore imports rose 6.8 percent from a year earlier to 1.25 million tonnes.

China said exports to the US rose 9 percent from a year ago in dollar terms, which could exacerbate concerns by the Trump administration about bilateral trade.

Looking at the business done between China and the U.S., imports from the U.S. rose 23.4% for the month, the fastest pace in at least a year.

In the USD terms, China's trade balance came in surplus at USD 51.4 billion, increasing from December's surplus of USD 40.8 billion.

As both trading prices and volume of commodities were notably higher than the same period a year ago, China's trade surplus might narrow in the future, since domestic demand is likely to improve continuously, Xu said.

Export from China to Russian Federation rose 29.5% to $3.4 bln.

"China's trade performance appears to have stabilized, consistent with the recovery in the regional supply chain", Australia and New Zealand Banking Group said in a note yesterday.

Officials at the Customs bureau said imports also exceeded expectations, rising 16.7 per cent to US$131.4 billion. Zhao Zhongxiu, Vice-president of the University of International Business and Economics in Beijing, commented: "Trade has benefited from a number of government measures meant to stabilise exports and promote economic growth".

Still, by either measure it remained well above the sustained trade surplus of more than $20 billion that is one of three criteria used by the U.S. Treasury to designate another country as a currency manipulator.

Meanwhile, trade with the United States, China's second-biggest trade partner, rose by 21.9 percent.

Like this: