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Wednesday, Nov 13, 2019

China’s trade with US shrinks again in September

Exports to the United States, China’s biggest foreign market, sank 17.8% from a year earlier to $36.5 billion, a deterioration from August’s 16% decline, customs data showed Monday.

business Updated: Oct 14, 2019 10:09 IST
Associated Press
Associated Press
Beijing
China’s trade with the United States fell by double digits again in September amid a tariff war that threatens to tip the global economy into recession.
China’s trade with the United States fell by double digits again in September amid a tariff war that threatens to tip the global economy into recession.(Bloomberg)
         

China’s trade with the United States fell by double digits again in September amid a tariff war that threatens to tip the global economy into recession.

Exports to the United States, China’s biggest foreign market, sank 17.8% from a year earlier to $36.5 billion, a deterioration from August’s 16% decline, customs data showed Monday. Imports of American goods sank 20.6% to $10.6 billion, a slight improvement over August’s 22% decline.

The two sides agreed Friday to postpone further tariff hikes in their bruising dispute over Beijing’s trade surplus and technology policies. But they reported no agreements on the basic conflicts that sparked their 15-month-old fight.

“The external environment facing China’s foreign trade development is still complicated and severe. Instability and uncertainty are increasing,” said a government spokesman, Li Kuiwen.

“However, China’s foreign trade development has strong resilience.”

Tit-for-tat tariff hikes on billions of dollars of each other’s goods have battered manufacturers and farmers on both sides and disrupted supply chains worldwide. That has prompted companies to postpone investments, adding to downward pressure on global growth and fueling financial market jitters.

China’s global exports fell 1.4% from a year earlier to $218.1 billion. Imports fell 5.8% to $178.5 billion.

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General Administration of Customs of China: www.customs.gov.cn