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A sharp increase in China's exports anticipates an increase in US taxes




Hours on November 9, 2018
– Last Updated on
November 8, 2018/21: 23

China has announced much higher exports than anticipated in October, while exporters have rushed to sell goods to the United States, Beijing's largest trading partner, to prevent the increase in tariffs early next year.

Growth in imports has also exceeded the expectations of a slowdown, suggesting that Beijing's rising growth measures to sustain the fast-growing economy might start to appear sluggish. And optimistic trade data is good news for global uncertainty over global demand and policymakers, after the economy has grown weaker since the global financial crisis of 2008.

October is the first full month after the latest US tariffs for Chinese goods came into force on September 24, amid a deepening trade war between the two countries. But analysts warn about the risk of a drastic drop in US demand for Chinese goods in early 2019, with the focus now on whether presidents Donald Trump and Xi Jinping can make progress in trade when they meet later this month .

China's exports rose 15.6% last month, starting in the same month in 2017, accelerating 14.5% in September reading, surpassing analysts' forecasts for an average slowdown in export growth to 11%, customs data showed yesterday .

In the first 10 months of this year, China's total trade surplus with the United States, the largest export market, reached 258.15 billion dollars, up from $ 222.98 billion in the same period last year .

While the monthly surplus dropped slightly to $ 31.78 billion in October, from a record $ 34.13 billion in September, it remains high on historical standards. Imports rose in October to 21.4% from 14.3% in September, surpassing analysts' expectations with a slight drop of up to 14%.

German exports have fallen more than expected on imports, lowering the nation's trade surplus, as trade tensions with the United States have slowed down the traditional growth engine in Europe's largest economy.

The Federal Bureau of Statistics announced that seasonally adjusted exports fell by 0.8% in September, while imports fell by 0.4%. Analysts surveyed by Reuters recorded a 0.3% increase in exports and an increase in imports of 0.8%. Germany's trade surplus dropped to 17.6 billion euros (20.09 billion dollars) from revised 18.2 billion euros in August.

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