China's Exports Rise More Than Forecast

China's Exports Rise More Than Forecast

Exports increased 10.8 percent to reach 15.3 trillion yuan while imports were up 18.7 percent to 12.5 trillion yuan, according to the General Administration of Customs (GAC).

Imports grew 4.5% year-on-year in the month to $177.1 billion, slowing from a rise of 17.7% in November and the lowest reading in a year, according to the customs data.

China's exports rose 10.8% in yuan terms in 2017 thanks to a boom in global trade, Bloomberg reported.

The politically volatile global trade surplus stood at US$422.5 billion, down from US$486 billion in 2016.

Commenting on the trade issue, Huang Songping (黃頌平), spokesman of the General Administration of Customs, said that there is hope for deeper cross-strait cooperation, with trade becoming stronger this year as long as factors that dampen relations between the two sides can be eliminated.

China's exports and imports growth slowed in December after surging in the previous month, adding to signs of ebbing economic momentum as the government extends a crackdown on financial risks and factory pollution.

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Trump will have opportunities to impose tariffs on a range of Chinese goods. Iron ore imports for the year hit a record high of 1.075 billion tonnes.

For the month of December, the change was even more dramatic: Overall trade for that month fell 50.6 percent from the same period in 2016.

By that data, last year's surplus is a record high, the wire service reported.

He estimated that, according to the American government's means of calculation - which usually produce higher balance numbers than the Chinese numbers - China's trade surplus against the USA may have reached $376 billion in 2017.

It also denied China market economy status and initiated an aggressive new trade action against what it said were unfairly subsidised and dumped imports of Chinese aluminium alloy sheet.

Trump has put tackling the growing trade deficit with China and boosting USA firms' access to its markets among his top priorities since coming to power.

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