Sunday, 19 August, 2018

China's trade surplus with USA increases to $22.2B

Top Chinese economic adviser to visit US next week for trade talks UPDATE 1-China's April exports bounce back more than expected despite US trade brawl
Gerardo Duncan | 09 May, 2018, 00:56

China's exports recovered at a faster than expected pace in April and imports growth accelerated notably, data from General Administration of Customs revealed Tuesday.

U.S. President Donald Trump has threatened to hike tariffs on $150 billion in Chinese imports. Exports amounted to USD200.4 billion.

USA officials traveled to Beijing last week for talks with their Chinese counterparts to resolve the issue but made little progress.

Julian Evans-Pritchard, an economist at Capital Economics, said despite a seasonal uptick in export growth, the data suggest that foreign demand for Chinese goods has started to soften, with the prospect of possible United States tariffs weighing on the outlook.

"We are working on something that we think will be great for everybody", said Sanders who promised to keep reporters "posted as discussions are ongoing".

Imports last month also grew more robustly than expected, suggesting China's domestic demand is holding up well, good news for policymakers looking to soften the blow from any trade shocks. President Donald Trump's demands that China slash its surplus with the USA have become a cornerstone of his combative economic policy.

For January-April, China's trade surplus with the United States was $80.4 billion.

China's trade surplus with the USA widened to US$22.19 billion last month, from US$15.43 billion in March, according to Reuters calculations based on Customs data released yesterday.

China's exports to the U.S. last month rose 9.7 percent from a year earlier, slowing from a 14.8 percent rise in the first quarter.

Imports in April also showed robust growth of 22% from past year, up to USD171.7 billion.

After last week's meeting, China's Commerce Ministry said the two sides had agreed to establish a mechanism to try to resolve their dispute, though differences remained.

On Tuesday, China called for U.S. trade talks to be conducted on an equal footing, as Beijing's top economic official is due in Washington next week for more discussions on a dispute that could trigger tariffs on billions of dollars of goods this month.

Economists at ANZ said some Chinese exporters might be accelerating electronics shipments amid the tariff threats.

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