नवीनतम
China's exports to US drop 27% in Sept
NEW DELHI [Maha Media]: China's exports to the United States fell 27% in September from the year before, even though growth in its global exports hit a six-month high. Customs figures released Monday showed that China’s worldwide exports were 8.3% higher than a year earlier, at $328.5 billion, surpassing economists’ estimates. That was markedly better than the 4.4% year-on-year increase in August.
Imports grew 7.4% last month, significantly better than a 1.3% increase by year in August, although a weaker domestic economy and a real estate sector downturn continue to weigh on demand and consumption. China’s exports to the United States have fallen for six straight months. In August, they dropped 33%. The outlook is cloudy as a truce between Beijing and Washington unravels and both sides hit out with new tariffs and other retaliatory measures.
As exports to the United States have come under pressure from U.S. President Donald Trump's policies aimed at trying to get manufacturers to shift factories to America, China has expanded markets for its products in other regions. Shipments to Southeast Asia grew 15.6% year-on-year in September. Exports to Latin America and Africa were up 15% and 56%, respectively.
“China’s exports continue to show resilience given the low costs and limited choices for replacement globally despite the higher tariffs,” said Gary Ng, a senior economist at Natixis. Tensions with the U.S. reignited Friday after Trump threatened an additional 100% tariff on Chinese goods and export controls on “critical” software.
That came after China announced it would hit American ships with new port fees in response to a U.S plan to impose port fees on Chinese vessels docking in the country. Beijing also extended export controls on lithium-ion batteries and on exports of rare earths and related technologies.
The friction could jeopardise plans for a meeting between Trump and Chinese President Xi Jinping in late October. It also suggests a lack of progress in efforts to forge a broad trade agreement between the world's two biggest economies.
