China-US Trade Tensions: Beijing’s Exports To US Grow Despite Trump’s Tariffs
(Photo: REUTERS/Fabian Bimmer/File Photo )
China's exports increased by 15.6 percent in October compared to the same month in 2017, exceeding forecasts of decline which was expected to result from the ongoing China-US trade war. The country's exports per volume also showed strong growth, increasing by 9.9 percent according to Reuters, citing data from Oxford Economics.
The country's imports also grow by 21.4 percent in October from 14.3 in September against analysts' forecast of a decline to as much as 14 percent.
For instance, the country's crude oil imports in October increased to an all-time high as private movers hurried to stash supplies for the upcoming winter.
The country's demand for copper and iron has also indicated a solid growth, though, the rate at which it increased was slower than how commodities moved in September.
These figures indicated that the country's measures to cushion the impact of global trade conflicts have been effective, Reuters noted.
The rate of container ships transporting from China to the U.S. West Coast was nearly unmoved, remaining at a percentage just minimally lower from record highs. This could suggest that shipments will consistently remain solid into November and could possibly perform this way until early December.
China's monthly surplus has also decreased to $31.78 billion in October from $34.13 billion in September.
As for all trade with other countries, China's surplus ended at $34 billion last month. Analysts predicted that China will accumulate trade surplus of about $35 billion.
Iris Pang, an economist at ING in Hong Kong, told Reuters the remarkable export growth in October was driven primarily by front-loading activities by exporters. She added that Chinese exports are expected to outperform towards the end of 2018 as business owners may see it necessary to stock up in an event that talks between Xi and Trump fail to reach a compromise.
Meanwhile, the United States and China vowed to improved communication and cooperation with regard to bilateral relations and on pressing issues.
This was the outcome of a brief meeting between Yang Jiechi, a member of the Political Bureau of the Communist Party of China Central Committee, and John Bolton, the U.S. national security advisor for the White House.
The two officials met on Nov. 7 in Washington. Both Yang and Bolton expressed confidence that the upcoming second China-US Diplomatic and Security Dialogue on Nov. 9 will jumpstart a cordial meeting between Xi and Trump for the G20 Summit in Argentina.
Yang highlighted the importance of fruitful communication and effectively managing differences between China and the United States. He hoped that this will be observed and achieved by both President Xi and Trump during their scheduled meeting.
Bolton agreed, saying that the Friday meeting between the presidents hopefully could promote strategic mutual trust between the two nations.