JAKARTA (TheInsiderStories) – Exports from China jumped 7.6 percent year-on-year in December of 2019, rebounding from a 1.3 percent drop in November, the general administration of customs reported on Tuesday (01/14). While imports grew at a faster 16.3 percent make trade surplus narrowed to US$46.79 billion from $56.80 billion in the same month a year earlier.
This was the first yearly increase in overseas sales since a rise of 3.3 percent in July, and the biggest increase in nine months, amid the United States (US) – China trade talks, which will be followed by the signing of an interim agreement after 15th January.
The data shows China’s export growth decelerated sharply to 0.5 percent in 2019 in US dollar terms from a rise of 9.9 percent in 2018. Imports, meanwhile, fell by 2.8 percent in 2019 in US dollar terms. In yuan terms, China’s exports expanded by 5 percent in 2019, while imports expanded by 1.6 percent.
The sharp rebound in imports in the last month of 2019 was pushed up by China’s renewed purchases of US pork and soybeans after China issued tariff waivers to purchase such US products in early December, the data said.
In December China’s trade surplus with the US was $23.18 billion — down from $24.6 billion in November. China’s imports from the US rebounded in November and December, In particular, China’s soybean and pork imports from the US significantly rebounded in December.
Trade value with the US dropped 10.7 percent in 2019 amid the long-running trade war, the customs data showed, making it China’s third-largest trading partner behind the European Union and the Asean region.
For full-year of 2019, the trade surplus widened to $424.39 billion from $350.9 in a year earlier, the data showed.
The data comes as the US and China remain in a long-drawn trade war, but there may soon be light at the end of the tunnel. The US and China trade representatives are expected to end intense bilateral negotiations with a phase one deal on Wednesday.
The deal potentially promises billions of dollars’ worth of agricultural purchases and is likely to mark the beginning of reforms to China’s longstanding practice of forced technology transfer. On Monday, the US removed China from a list of countries considered currency manipulators, the Treasury Department announced.
Written by Lexy Nantu, Email: email@example.com