China's June exports jump, surplus with United States at record high

20180706-China-US-trade-chart-NEW

20180706-China-US-trade-chart-NEW

Beijing announced Friday that China's surplus with the USA hit an all-time high of $28.97 billion (€24.85 billion) in June, with exports reaching a record $42.62 billion in June.

As the US-China trade war escalates, the latest trade numbers appear to back Washington's biggest gripe with Beijing.

Washington has warned it may ultimately impose tariffs on more than $500bn worth of Chinese goods - almost the total amount of U.S. imports from China a year ago. "They are just a trade bully", he told reporters in Geneva.

"Still, we do not expect a plunge because those tariffs only targeted $34 billion worth of goods which is fairly small compared to China's total trade", she said.

Imports grew 14.1% in June from a year ago, well below the 26% increase in May and economists' forecast of a 23.5% gain.

Trump's advisers are attempting to open Chinese markets to foreign companies and reduce what they see as unfair subsidies that have given rise to a $340bn annual trade deficit with China.

However, a lower yuan would make it more expensive for China to import United States goods.

"This trade dispute will definitely have an impact on China-US trade and will have a very negative impact on global trade", a Chinese customs administration spokesman said today.

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China's commerce ministry confirmed last month that Chinese exporters were front-loading exports to the U.S.to get ahead of expected tariffs - a situation that could exacerbate any slowdown in shipments toward the year-end. China's exports to the USA jumped by 13.6% in the first half of 2018 from a year earlier, while its imports from the USA rose 11.8% in the same period.

In yuan terms, China's exports grew 3.1% in June and imports rose 6.0%.

Total trade between the world's top two economies rose 13.1 per cent for the first half of the year, official data showed Friday, despite the brewing tensions.

China is running out of American goods for retaliatory tariffs due to their lopsided trade balance.

The spiraling battle between Beijing and Washington shows no signs of cooling down.

Separate customs data on Friday showed imports of commodities from soybeans to crude oil eased compared with a year ago, but China's steel mills and aluminum smelters sold much more overseas spurred by higher global prices amid growing concerns about slowing demand growth.

Analysts expect shipments growth to slow in the second half of the year, putting more strain on an economy already feeling the pinch from a multi-year debt battle that has driven up corporate borrowing costs.

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