BEIJING (Reuters) – China reported stronger than expected October exports when shippers rushed goods to the United States, the largest…
BEIJING (Reuters) – China reported stronger than expected October exports when shippers rushed goods to the United States, the largest trading partner, who tried to beat higher tariffs due to kicking at the beginning of next year.
PHILOTOOTH: A truck transports a freight container in the Qingdao port of Shandong Province, China, on October 1
2, 2018. China Daily / via REUTERS
Import growth also defiant the forecasts of a slowdown, indicating Beijing’s efforts to slow down the cooling economy can slowly start making themselves known.
Exports increased by 15.6 percent last month from the year before, tulldata showed on Thursday, which increased the rate from September 14.5 percent. The readings passed analysts’ forecasts in a Reuters vote for a slowdown to 11 percent, but estimates had varied a lot.
Growth in imports for October increased to 21.4 percent from 14.3 percent in September and hit the analyst’s forecast for a slight downward cooling to 14 percent.
China’s trade surplus with the United States was $ 31.78 billion in October, with a record high of $ 34.13 billion in September.
October was the first full month after the latest US customs duties came into force.
Despite several rounds of US customs this year, China’s exports have been surprisingly resilient, as companies are setting up shipments before stiff US customs duties come into force.
China’s container ship freight rates to the west coast of the United States continue close to record increases that were set in September, which suggests solid November changes as well.
However, analysts say that the risk of a sharp and sudden export decline is rising as prices are close, and notes that factory investigations have shown that export orders have fallen in recent months.
US. Orders for Chinese goods by the end of the Canton Fair fell 30.3 percent from last year’s value, the organizer said on Sunday, because higher US tariffs cost goods from batteries to agricultural tractor costs more expensive.
China’s surplus with the United States, the largest export market, reached $ 258.15 billion in the first 10 months, which grew strongly from $ 222.98 billion in the same period last year.
Washington and Beijing added additional fees on each other’s goods on September 24, and the US has pledged to significantly raise interest rates from 10 percent to 25 percent at year-end.
President Donald Trump has also threatened to introduce data on almost all Chinese products that America buys. Trump has looked at China over intellectual property woes, entry barriers to American business and the gaping trade gap.
What may be a sign of tina in tension, Trump and his Chinese counterpart Xi Jinping spoke in the phone last week before an expected meeting between the two at the G20 summit in Argentina in late November.
For trade with all countries, China’s surplus was $ 34.01 billion in October compared with forecasts of $ 35 billion and September’s surplus of $ 31.69 billion.
With the export prospects tullave by US customs and the Chinese economy growing at the slowest pace since the global financial crisis, the Beijing politicians have recently focused on growth support measures, including by increasing export tax and pledging more support to private individuals.
China will also reduce import taxes on more goods, including machines from November 1, in addition to the reductions made earlier this year to reduce costs for consumers and businesses.
President Xi said at the opening of an import show this week that he expects China to import goods by $ 30 billion and $ 10 billion for services in the next 15 years. Last year, Xi estimated that China would import $ 24 trillion worth of goods over the next 15 years.
Reporting from Beijing Monitoring Disk; Editing Kim Coghill
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