Space Travel News  
TRADE WARS
China imports, exports down in September as growth cools
By Poornima WEERASEKARA
Beijing (AFP) Oct 14, 2019

China's imports and exports fell more than expected in September, official data showed Monday, as US tariffs and cooling demand at home and abroad hit trade in the world's second largest economy.

Globally, China's exports dropped 3.2 percent in September from the same period last year, while imports dived 8.5 percent, according to data from the customs administration.

The figures were worse than a Bloomberg forecast, which estimated exports to drop 2.8 percent and imports fall 6.0 percent.

The US is now China's third biggest trade partner -- after the European Union and the Southeast Asian trading bloc ASEAN -- with imports from the US down 26.4 percent on-year in September.

China promised to increase US agricultural purchases in a partial US-China deal announced Friday, which also includes protections for intellectual property and opening up financial markets.

Engulfed in an impeachment inquiry, US President Donald Trump heralded the deal as a major breakthrough.

But it may only offer a temporary tariff reprieve because it lacks specifics and leaves the thorny issues such as unfair state subsidies to Chinese firms for later, analysts told AFP.

So far, the two sides have imposed punitive tariffs covering more than $360 billion worth of goods in two-way trade.

China's trade surplus with the US narrowed 3.9 percent to $25.8 billion in September from $26.9 billion in August.

"We believe that as Sino-US trade negotiations have made progress... and we expect further healthy development in bilateral trade," said Li Kuiwen, a spokesman for Chinese customs.

China's total trade surplus in September was $39.65 billion.

A major escalation in the trade war last month was "partly to blame" for the weak figures, said Julian Evans-Pritchard, of Capital Economics.

Washington imposed 15 percent tariffs on more than $125 billion in Chinese imports on September 1, and Beijing retaliated with its own fresh levies.

As a result, "the contraction in exports to the US deepened further, while shipments to the rest of the world held steady", Evans-Pritchard wrote in a research note.

"With the mini US-China trade deal unlikely to alleviate the main headwinds facing exporters, it will take longer before growth in outbound shipments bottoms out."

Chinese imports, which declined for the fifth consecutive month amid cooling domestic demand, may also not see a strong recovery, he said.

Pork imports, however, surged 43.6 percent on-year in September after an outbreak of African swine fever decimated pig supplies in the country.

On Friday, Trump played up the "substantial phase one" deal as a result of his hard-line stance with China.

But it will take weeks to finalise and the details are not clear -- nor will it roll back tariffs already in place on hundreds of billions of dollars in two-way trade.

"The deal is still tentative and tensions between the US and China remain high," said Tommy Wu from Oxford economics.

China's state media also struck a cautionary tone and did not mention any "deal".


Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


TRADE WARS
New IMF chief Georgieva says world suffering 'synchronized slowdown'
Washington (AFP) Oct 8, 2019
Grinding trade disputes are undermining the global economy, which is set to see its slowest growth in nearly a decade, the new IMF chief said Tuesday. Research shows the impact of the trade conflict is widespread and countries must be ready to respond in unison with cash infusions, Kristalina Georgieva said in her first speech as managing director of the International Monetary Fund. She also called for a ramp-up in carbon taxes to address the other challenge facing the global economy: climate ch ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
TRADE WARS
Curiosity findings suggest Mars once featured dozens of shallow briny ponds

NASA's Mars 2020 rover tests descent-stage separation

InSight 'hears' peculiar sounds on Mars

A fresh attempt for the first 'Mole' on Mars

TRADE WARS
NASA seeks industry input on hardware production for lunar spacesuit

Artemis, meet ARTEMIS: Pursuing Sun Science at the Moon

India's 2nd lunar mission orbiter detects charged particles on Moon

NASA opens call for Artemis lunar landers

TRADE WARS
NASA's Juno prepares to jump Jupiter's shadow

Huge Volcano on Jupiter's Moon Io Erupts on Regular Schedule

Stony-iron meteoroid caused August impact flash at Jupiter

Storms on Jupiter are disturbing the planet's colorful belts

TRADE WARS
Were hot, humid summers the key to life's origins?

A planet that should not exist

Many gas giant exoplanets waiting to be discovered

Giant exoplanet around tiny star challenges understanding of how planets form

TRADE WARS
Jet taking off from Florida will launch NASA weather satellite

Virgin Orbit selects RAF pilot as it plans satellite launch program

Space Launch System mock up arrives at Kennedy for testing

Artemis Generation takes on NASA Student Launch: 64 teams to compete

TRADE WARS
China's KZ-1A rocket launches two satellites

China's newly launched communication satellite suffers abnormality

China launches first private rocket capable of carrying satellites

Chinese scientists say goodbye to Tiangong-2

TRADE WARS
Characterizing near-earth objects to understand impact risks, exploration potential

NASA's Webb to unlock the mysteries of comets and the early solar system

Astronomers detect gas molecules in comet from another star

Karla crater confirmed to be an impact structure









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.