China trade surplus with United States widens unexpectedly
China trade surplus with United States widens unexpectedly
A worker sorting canned peaches for export at a factory in Xiayi in China's central Henan province
13 July, 2018, 19:37
Beijing said China's surplus with the U.S. hit an all-time high $28.97 billion last month, while exports to the country hit a record $42.62 billion.
Others say the latest data shows how hard it will be for the USA to win the trade war, arguing that Americans want to buy Chinese-made products.
Over the first six months of the year the surplus climbed to $133.8 billion as total two-way trade continued to expand despite the face-off.
Statistics showed that in the first six months of the year, China's exports to the United States rose 13.6 percent from a year earlier, while imports from the USA increased by 11.8 percent.
China's trade surplus widened sharply amid escalating trade tensions with the US, which is preparing to impose fresh tariffs on a further $200 billion in Chinese goods.
"Still, we do not expect a plunge because those tariffs only targeted $34bn worth of goods which is fairly small compared to China's total trade", she said.
The data comes as President Trump has ratcheted up a trade war with China and other close American trade partners, including Canada, Mexico and the European Union.
Not unexpectedly, several readers have expressed concern about the possible impact of the introduction of new United States tariffs on Chinese, Canadian and European imports on Australian and world share markets.
However, a lower yuan would make it more expensive for China to import USA goods.
Trump imposed $34 billion of tariffs on China, and another round of $16 billion is around the corner.
For January-June, it rose to $133.76 billion, compared with about $117.51 billion in the same period past year. Both official and private business surveys reported softer export orders last month.
This added to brewing tensions between the economic superpowers as they stand on the brink of an all-out trade war that Beijing warned would have a "negative impact" globally.
China imported American goods worth $13.6 billion in June while exporting $42.6 billion to the United States.
Imports grew 14.1 percent in June, customs said, missing analysts' forecast of a 20.8 percent growth, and compared with a 26 percent rise in May.
The commerce ministry also said this week it will use funds collected from tariffs charged on imports from the U.S.to help ease the impact of USA trade actions on Chinese companies and their employees.
The spiraling battle between Beijing and Washington shows no signs of cooling down.
Growth in imports for June showed a moderate slowdown from May, official data showed on Friday.
"We expect slowing export growth to put downward pressure on the current account and RMB (yuan), and believe China is likely to be willing to make concessions in future rounds of trade negotiations with the U.S.", Nomura analysts said in a note to clients.
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