Daily Management Review

China’s trade turnover is falling faster than expected


01/14/2019


Volume of foreign trade of China in 2018 in dollar terms reached a record in the entire history of the mark, having increased by 12.6% compared to 2017. However, a slowdown in the growth rate in China is forecasted for this year due to trade wars with the United States. In December 2018, China’s exports and imports have already shown a marked decline.



nathanh100 via flickr
nathanh100 via flickr
China's foreign trade in 2018 showed record results and reached $ 4,623 trillion, which is 12.6% higher than in 2017, said an official representative of the PRC Customs Administration on Monday.

Chinese exports grew over the year by 9.9% (to $ 2.487 trillion), while import growth amounted to 15.8% (to $ 2.136 trillion). Foreign trade surplus amounted to $ 351.8 billion, which is 31% lower than the figure for 2017 ($ 509.7 billion).

China’s surplus in Sino-US trade continued to grow, rising to a record $ 323.32 billion in 2018. In 2017, this figure was $ 275.81 billion.

Despite the tariff war between the two countries, exports of Chinese goods to the United States grew by 11.3%, while imports from the United States increased by 0.7%. According to the representaive, China has effectively coped with changes in the external environment last year and foreign trade maintained stable and positive growth, reaching a new record level in terms of imports and exports. The Chinese official, predicting the prospects for China’s foreign trade in 2019, did not rule out a slowdown in the growth of trade. He noted that factors of instability in the world market and trade protectionism cause the greatest concern in Beijing.

The consequences of trade disputes have already been noticeable in the third quarter: exports fell sharply in Germany, the US companies began to report more modest than expected revenues, and the IMF and other international experts forecasted this for early 2019th. As a result, the S&P 500 index fell by almost 20% in the fourth quarter, offsetting growth more than a year before the start of a recession. Chinese exports in December fell by 4.4% in annual terms, the maximum in two years. The volume of imports fell by 7.6%, and this is the most significant decline since July 2016.

At the same time, China relies on its “One Belt One Road” initiative. As the Chinese official stated, trade cooperation with countries along this project was a new driving force for the development of China’s foreign trade. The volume of trade with the countries of this project amounted to 8.37 trillion yuan in 2018. This is 13.3% more than a year earlier.

source: reuters.com






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