China's November export, import growth shrinks; surplus with USA record high

China's November export, import growth shrinks; surplus with USA record high

Last week, as part of the trade war truce, Trump agreed to hold off on plans to raise tariffs on United States dollars 200 billion in Chinese imports to 25 per cent beginning January 1, leaving them at the current 10 per cent rate.

Asked to confirm whether Beijing promised to buy American goods immediately, Gao said China will "immediately implement the consensus reached by the two sides on farm products, cars and energy".

High Chinese retaliatory tariffs on US soybeans have caused the USA exports of soybeans to drop by as much as 97 percent.

The White House on Monday had to correct a statement by economic adviser Larry Kudlow, who incorrectly told reporters in a conference call that the 90-day negotiating period between the US and China would begin on January 1 instead of December 1.

Import growth was 3 per cent, the slowest since October 2016, and a fraction of the 14.5 per cent seen in the poll.

-Chinese relations for years.

That front-loading may still have been happening in November as the U.S. tariff hike threatened for Jan 1, 2019 was still on the table before presidents Donald Trump and Xi Jinping met during the Group of 20 summit.

"The ultimate goal for the 90 days of talks is to remove all the increased tariffs", Gao said.

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Ahead of his attendance at former President George H.W. Bush's state funeral Wednesday, President Donald Trump took to Twitter to express optimism about the state of trade negotiations with China following Tuesday's stock market plunge.

The customs data showed that annual growth for exports to all of China's major partners slowed significantly.

But growth of exports and imports slowed from October, with exports rising 5.4 per cent for November on-year, short of the 9.4 per cent forecast by Bloomberg News, and imports rising 3.0 per cent on-year, also below the forecast.

The new export order component in China's official purchasing managers' index had been contracting since June and barely picked up in November.

For trade with all countries, China's surplus was $44.74 billion for November, compared with forecasts of $34 billion and October's surplus of $34.02 billion. Imports of iron ore fell for a second time, reflecting waning restocking demand at steel-mills as profit margins narrow.

"If there are more bad economic numbers, it could affect policy planning for next year at the coming Central Economic Work Conference", Xu said.

"Slower exports and property investment will lead to a further slowdown in China's economy", Mr Hu said after the data was released.

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