China's August export sink 3% amid US trade war; imports up
China's August export sink 3% amid US trade war; imports up
China exports drop amid trade war with U.S.
11 September, 2019, 14:52
Beijing slapped 25% tariffs on a list of US products including soybeans in July previous year, in a response to similar measures by Washington, effectively curbing shipments of the oilseed from the United States, China's second largest supplier before the trade war.
These could include the first cuts in four years to some key lending rates.
The growth slowed from a rise of 6.7 percent for exports in the first seven months and an increase of 1.3 percent for imports.
Exports to the United States sank to $44.4 billion.
The trade war further strains Beijing-Washington ties, already overshadowed by United States freedom of navigation exercises near Chinese-occupied islands in the disputed South China Sea, and USA support for self-ruled and democratic Taiwan, which China claims as its own.
Chinese imports of U.S. goods dropped by about 22%, suggesting American exporters are also suffering from the trade war. Beijing hit back with retaliatory levies, and let its yuan currency fall sharply to offset some of the tariff pressure.
On Friday, the central bank cut banks' reserve requirements for the seventh time since early past year to free up more funds for lending, days after a Cabinet meeting signalled that more policy loosening may be imminent.
Analyst expectations had been that a falling yuan would offset some cost pressures.
China let its currency slide past the Key 7 per United States dollars mark in August for the 1st time since the global financial crisis in 2007-08, and Washington labeled it a currency manipulator.
Beijing is resisting USA pressure to roll back plans for government-led creation of global competitors in robotics and other industries.
Last Sunday, Trump followed through with his plan to slap 15 percent tariffs on about $112 billion of Chinese imports, including footwear, clothing and technology like Apple Watches.
The second largest single place for Chinese goods was Hong Kong with an export value of $175.6 billion and the third was Japan with $93.3 billion.
China said on September 5 that new talks with the United States would be held in Washington in early October.
In response, Beijing imposed their own tariffs on US imports, ranging from 10 percent and 5 percent on a variety of American-made goods.
China bought 56.31 million tonnes of soybeans in the first eight months of the year, down 9.2% from last year, customs data showed.
"We continue to expect no trade deal in 2019 and even 2020 in our base case, and see the risk of further trade war escalation", she said.
China's trade with the Belt and Road countries totaled 5.83 trillion yuan for the January-August period, up 9.9 percent year on year, 6.3 percentage points higher than the overall pace, said the GAC, adding that the amount accounted for 29 percent of China's total trade volume.
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