China's June exports jump, surplus with USA at record high

Anna Jefferson
July 15, 2018

Even so, the USA dollar hit a six-month high against the safe-haven Japanese yen as currency traders put trade worries aside and focused on Labor Department data that showed producer prices rising more than expected.

"Looking ahead, export growth will cool in the coming months as U.S. tariffs start to bite alongside a broader softening in global demand", Capital Economics analyst Julian Evans-Pritchard said in a statement.

This week, Washington threatened to impose 10% tariffs on another $200bn of Chinese imports.

"We expect the trade numbers for July to disappoint since that's when the first round of USA tariffs took effect", China analyst at Nordea Bank in Singapore Amy Zhuang told the BBC.

China's total exports rose 11.3% year-on-year in June, beating a Bloomberg News forecast of 9.5%.

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Pressed on the possible negative impact of multiple trade disputes on the US economy, Mnuchin said the Trump administration was keeping a watchful eye.

Gold slipped to seven-month lows and Treasury prices rose after the Federal Reserve reinforced views of strong US economic growth in a report to Congress, reinforcing expectations of higher interest rates.

For January-June, it rose to $133.76 billion, compared with about $117.51 billion in the same period previous year. The new tariffs would kick in within 60 days.

China's surplus with the United States hit a record high last month, data showed today.

David Kuo, chief executive of the Motley Fool Singapore, said "US tariffs will increase the cost of Chinese imports but they are unlikely to deter United States consumers entirely".

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China imported American goods worth $13.6 billion in June while exporting $42.6 billion to the United States.

However, a lower yuan would make it more expensive for China to import USA goods.

Analysts also pointed out that Chinese export growth slowed to 11.3% year on year in June, from 12.2% in May, illustrating that exporters, faced with the threat of further trade barriers, were becoming more circumspect in sending goods overseas.

"So we would be back to square one", Mr Kuo said, with China exporting more to the USA than it buys from the country.

Trump's advisers are attempting to open Chinese markets to foreign companies and reduce what they see as unfair subsidies that have given rise to a $340bn annual trade deficit with China.

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