China’s Exports, Imports Grow, as Does Trade Surplus With US

China’s Exports, Imports Grow, as Does Trade Surplus With US

China’s Exports, Imports Grow, as Does Trade Surplus With US

For the first nine months, crude oil imports into China rose 6 percent on the year to 8.98 million bpd, or a total of 336 million tons, which is in line with projections about Chinese oil demand, despite worry that demand would slow down this year because of a domestic fuel glut.

The reported meeting would take place during the G-20 summit in Argentina in late November. "We are going to make sure that whatever we make up on trade we don't lose on currencies", he said. Analysts had expected the surplus would shrink to $19.4 billion from $27.89 billion in August.

While China is one of six countries on the "watch list", the last report in April acknowledged that the RMB "generally moved against the dollar in a direction that should" help reduce China's trade surplus with the United States and had strengthened early in the year.

The monthly trade imbalance, up 10 per cent from the previous record high of US$31.05 billion in August, showed that US President Donald Trump's tariffs on Chinese products had yet to show their desired effect of narrowing the trade deficit with China.

Chinese exports to the United States have at least temporarily defied forecasts they would weaken after being hit by punitive US tariffs of up to 25 percent. "We expect the dynamic to change once we get a bit deeper into this, but for now China is trying to outrun the next round of tariffs".

The Chinese currency has depreciated by 5.6 percent against the dollar since the start of the year.

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Chinese exports to the USA have at least temporarily defied forecasts they would weaken after being hit by punitive tariffs of up to 25 percent in a fight over American complaints about Beijing's technology policy.

But as USA interest rates have risen, the USA dollar has strengthened further, which makes American exports more expensive.

US Treasury Secretary Steven Mnuchin - in comments published in the Financial Times this week - warned China against engaging in competitive currency devaluations.

"They lived too well for too long", Trump said of the Chinese during his Fox News interview.

On Thursday, the United States said it would restrict exports of nuclear technology to China given worries it was being diverted to support the military. That prompted suggestions Beijing might weaken the exchange rate to help exporters. The central bank has tightened controls on currency trading to head off further declines.

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