China exports rose 7.9% on-year in January: Customs

Feb 12, 2017, 00:33
China exports rose 7.9% on-year in January: Customs

Trade with the European Union, China's biggest trade partner by volume, surged by 14.1 percent year-on-year in January.

Having previously questioned a longstanding U.S. policy on Taiwan and broken protocol by taking a call with Taiwan's leader, Trump committed to honouring the "One China" policy at Xi's request, the White House said. While the recent focus has been on "trade wars" between the United States and China, other countries are also investigating China's unfair trading practices. A Reuters poll had suggested growth of 10%.

China said exports to the USA rose 9 percent from a year ago in dollar terms, which could exacerbate concerns by the Trump administration about bilateral trade.

Still, by either measure it remained well above the sustained trade surplus of more than $20 billion that is one of three criteria used by the U.S. Treasury to designate another country as a currency manipulator.

At the same time, annual growth in imports accelerated sharply to 16.7 percent from 3.1 percent and also exceeded the expected expansion of 10 percent.

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January shipments rose 7.9 percent, more than twice as much as expected, after 2016 exports slumped almost 8 percent. -China trade and political ties is likely to weigh on confidence of exporters and investors worldwide.

China's trade performance rebounded strongly last month with an unexpected bounce in both imports and exports. Key economic data coming up include trade data which will be released Friday.

China-US trade has grown 22 percent despite worries over a possible trade war between the world's first and second-largest economies. "The most important risk for China is what the Trump administration will do", Jianguang Shen, chief economist at Mizuho Securities in Hong Kong.

Capital Economics China economist Julian Evans-Pritchard said while seasonal factors, including the impact of the Lunar New Year holiday, played a large part in the results, underlying demand appears to have strengthened. Concerns that China's moves to tighten monetary policy would dent demand overshadowed some positive economic data. Coal imports rose 64.4% from a year ago in January, while those for crude oil climbed 27.5%. Meanwhile, the significant recovery in January's imports was driven by commodity imports.