Trade War Leads to Plunge in Chinese Exports for 4th Consecutive Month
Pertaining to increasing pressures on manufacturers due to the US-China trade war, Chinese exports have witnessed a backlash for the fourth consecutive month. The world’s largest economy has reached lowest in the past 30 years and increased speculation that policymakers in China could unleash more stimulus.
As the trade war enters its 17th month, customs data showed overseas shipments plunging by 1.1 percent as compared to October 2018. A poll by Reuters revealed a one percent expansion and a 0.9 percent fall in October.
Defying the 1.8 percent decline in forecast by economists, the Chinese imports have witnessed a surge of 0.3 percent from 2018. The modifications in imports point to firming domestic demand after the recent improvement in factory activity. Records of October trade surplus show $42.81 billion and those of November stand at $38.73 billion.
Repeated discussions between Washington and Beijing, aimed at solving the ongoing trade dispute, have been lagging on key details. The US bill supporting anti-government protestors in Hong Kong and the House bill targeting China’s camps for ethnic Muslim minorities in Xinjiang have further complicated the prospects of phase one deal.
The top economic advisor at the White House, Larry Kudlow said on December 6, that a December 15 deadline is proposed to impose a new round of US tariffs on $156 billion of remaining Chinese exports to the US.
Speaking to Reuters, another Chinese official revealed that the firm will implement its own tariffs as a countermeasure if the proposed deadline is actualised.
On December 6, China announced that import tariffs will be waived off for some soybeans and pork shipments from the US.
Chinese exports to the US crashed by 23 percent since November 2018 to $35.6 billion. As per The Associated Press, the US exports to nations like France witnessed a rise that balanced the losses from China.
Despite the improving crude imports recorded last week, the slipping Chinese exports reveal the deep impact of trade war on the global growth and oil demand. As per Stephen Innes, Chief Asia market strategist at AxiTrader, the sagging export data is a “casualty again of the protracted trade war.”
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