China's USA surplus jumps as trade with world picks up
China's USA surplus jumps as trade with world picks up
Donald Trump will soon decide whether to slap tariffs on imported solar panels
12 January, 2018, 15:12
In 2017, China's overall trade surplus came in at $422.5 billion (€350.8 billion), roughly $64 billion less than in the previous year.
The billionaire's comments and economically nationalist platform - including pulling out of a key Pacific pact and threatening to tear up another with Canada - have fanned fears of a trade war. Imports soared 15.9% to $1.84 trillion, the strongest increase in six years.
The U.S. was China's second-largest trade partner after the European Union, according to customs.
Friday's trade data reflects cooling ties between Beijing and Pyongyang.
China has so far resisted taking major retaliatory action against USA imports despite a volley of new duties and investigations from the White House.
China's exports to North Korea rose 8.3% in 2017 from a year earlier, at $3.34 billion, official data showed Friday.
It will be hard to keep double-digit trade growth this year given the many global uncertainties and a high comparison base, Huang said.
Exports grew 10.9 percent for the month, slightly beating analyst estimates compiled by Bloomberg News, but imports fell well short of expectations, growing 4.5 percent.
The International Monetary Fund is forecasting 2017 economic growth, due to be reported next week, at just under 6.8 percent. The president has connected the two issues a number of times.
But import growth will likely lose momentum this year on weakening domestic demand, as continued government efforts to deleverage the financial sector and curb opaque borrowing by local authorities are set to slow investment in infrastructure and real estate, analysts said. "China trade tensions", he said.
In 2016, China exported US$40.37 billion worth of goods to Taiwan while it imported US$139.2 billion, an annual decrease of 10.1 percent and 2.8 percent, respectively, the data showed.
For the full year, exports rose to almost $2.3 trillion while imports expanded to $1.8 trillion yuan.
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