China Surprises With Best Export Growth Since March, But Imports Remain Weak

www.oann.com | 5/28/2019 | Staff
moemajor (Posted by) Level 3
BEIJING(Reuters) – China’s exports unexpectedly returned to growth in July despite escalating U.S. trade pressure, but the rebound may be short-lived as Washington prepares to impose even more tariffs on Chinese goods.

A sharp drop in the yuan currency this week may offer only scant relief for Chinese exporters, who are facing both additional U.S. levies on Sept. 1 and sputtering demand worldwide.

July - Exports - % - Year - March

July exports rose 3.3% from a year earlier, the fastest since March, customs data showed on Thursday. Analysts had expected a slightly bigger 2.0% drop after June’s 1.3% fall.

But imports remained weak, declining 5.6% and highlighting still sluggish domestic demand. Still, the drop was less than an expected 8.3% and June’s 7.3%.

China - Trade - Surplus - Month - Surplus

That left China with a trade surplus $45.06 billion last month, compared with a $50.98 billion surplus in June. Analysts had forecast a surplus of $40 billion for July.

The United States raised tariffs on a large number of Chinese goods in May, after trade negotiations broke down, and Beijing retaliated.

July - Ceasefire - Trade - War - Leaders

July saw a temporary ceasefire in the year-long trade war after leaders of both countries agreed in late June to restart negotiations and President Donald Trump offered some concessions.

But the truce was shattered last week, after Trump vowed to impose a 10% tariff on $300 billion of Chinese imports from Sept. 1, which would extend levies to...
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