Thursday, 15 November, 2018

China's September crude imports mark highest in four months

Trump warns there is 'a lot more' he can do to China China’s Exports, Imports Grow, as Does Trade Surplus With US
Lindsey Cook | 13 October, 2018, 01:45

Total crude imports over the first nine months of the year climbed 6 percent from the same period in 2017 to 336 million tonnes, or 8.98 million bpd, the customs data showed.

Imports of American goods increased 9 percent to $12.6bn, down from 11.1 percent.

Imports grew 14.3 percent, down from 20.9 percent. "We were led badly when it came to trade", Trump told "Fox & Friends". Analysts had expected the surplus would shrink to $19.4 billion from $27.89 billion in August.

China's trade surplus with the United States surged to a record high of $34.13 billion in September from the August figure of $31.05 billion, Chinese customs data reported on Friday, according to Reuters.

The September surplus with the USA was larger than China's overall trade surplus of $31.69 billion for the month.

September marked the second straight record Chinese monthly trade surplus with the United States.

The meeting was said to have been pushed by U.S. Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow.

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The trade feud has been fueled by US accusations that China coerces foreign companies into handing over technology in return for access to the Chinese market, as well as by China's trade surplus with the U.S.

"I put $250 billion worth of taxes, or tariffs, on China and it's had a big impact".

The yuan has fallen for weeks against the USA dollar, dropping nine percent in the past six months, which mitigates the rise in the price of Chinese goods caused by punitive USA tariffs.

He blamed previous US presidents for allowing China to pursue unfair trade practices and said he had to tell Beijing, "It's over". He has imposed tariffs on an estimated half of all Chinese goods imported to the U.S., worth some 250 million dollars.

Despite U.S. President Donald Trump's pledge to declare China a currency manipulator on "day one" of his administration, the Treasury has stuck to its three-part test for evidence of currency manipulation - and China has failed to qualify for such a designation. That prompted suggestions Beijing might weaken the exchange rate to help exporters.

Washington has long argued that China keeps its currency artificially low to make its exports more competitive but in recent years the yuan or renminbi (RMB) has strengthened and is viewed by economists as more in line with fundamentals. The central bank has tightened controls on currency trading to head off further declines.

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