Zero US Crude oil exports to China recorded for second month

12 November, 2018, 06:00 | Author: Eric Barnett
  • A truck transports a shipping container at Qingdao port in Shandong province China on Oct. 12 2018. REUTERS

Exports rose 15.6 percent last month from a year earlier, customs data showed on Thursday, picking up pace from September's 14.5 percent.

Relations between the world's top two economies have soured sharply this year as US President Donald Trump slapped higher taxes on roughly half of Chinese imports and threatened to hit the other half.

China's import and export growth in October both vastly exceeded expectations, and China's trade surplus with the USA further expanded, which an expert said shows the US-initiated trade war does not help solve the trade imbalance problem and does not help to ease tensions.

The upbeat trade readings offer good news for both those anxious about global demand and for China's policymakers after the economy logged its weakest growth since the global financial crisis in the third quarter.

October was the first full month after the latest USA tariffs went into effect.

US import volumes began soaring this summer, and data continue to show no signs of a slowdown in trade flows from China to the U.S.

"The October trade data underscores that, as China's domestic economy continues to grow substantially faster than that of its trading partners, its imports tend to outpace exports", Kuijs said in a note.

But analysts continue to warn of a drop in USA demand for Chinese goods early next year, with all eyes now on whether presidents Donald Trump and Xi Jinping can make any breakthroughs on trade when they meet later this month.

Iris Pang, Economist at ING, points out that the Chinese exports grew 21.4%YoY, higher than the consensus of 11.7% but in line with our 23.0% forecast.

October marked the first full month of USA tariffs on $200 billion of Chinese goods - but the tax rate is set to jump from 10 percent to 25 percent come January.

China's goal is not to deliberately pursue a trade surplus, but pursue a general trade balance. "We are not particularly optimistic on China export growth in 2019".

For the seventh month in a row total USA crude oil exports, excluding china, hit a new all-time high reaching 7.9 million t in September. The president promised to open Chinese markets wider, to cut costs for importers and to increase consumer spending power.

US orders for Chinese goods at the latest Canton fair dropped 30.3 percent from a year earlier by value, the fair's organizer said on Sunday, as higher USA tariffs made goods from batteries to farm tractors costlier.

"Import growth also overshot expectations quite a lot". Xi presided over the opening of an import fair Monday in Shanghai that is meant to rebrand China as a welcoming market for other countries' goods.



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