China's trade gap with U.S. hits record $323 billion

14 January, 2019, 20:26 | Author: Eric Barnett
  • Donald Trump's trade war hits Chinese exports

In December 2018, therefore, China imported 9.23 million tons of gas, both by pipeline and as LNG, up 17 percent on the year.

"China effectively tackled changes of the external environment a year ago, and the foreign trade maintained stable and positive growth, reaching a historic high in import and export volume", GAC spokesman Li Kuiwen told a press conference. In 2017, mutual trade amounted to $84.07 billion demonstrating a growth of 20.8 percent.

"Our country's export and import have reached record highs, and there is reason to hope that we will continue to remain the world's largest trading nation".

The surplus surged despite the Trump administration imposing tariffs on almost $250 billion of goods made in China.

Chinese exports and imports fell last month, indicating United States tariffs are beginning to impact the world's number two economy. China's surplus is the U.S.'s trade deficit.


The cost of producing goods in China's factories slowed sharply in December, a sign demand remains weak, while consumer inflation also flagged.

But a slew of bad data has added to concerns about China's economy, which is expected to have grown around 6.5% in 2018, down from 6.9% in 2017 and the weakest rate in nearly three decades.

China's annual passenger auto sales fell last year for the first time in more than 20 years, as the trade war with the USA rocked consumer confidence and Beijing reined in vehicle financing channels.

"Private enterprises contributed more than half to China's foreign trade growth in 2018, a bright spot of China's foreign trade development", said the spokesman.

Official data showed the manufacturing sector contracted in December for the first time in more than two years.

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