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China's Exports Growth Tops Expectations

China's Exports Growth Tops Expectations”

Exports rose 11.3% in June from a year earlier, following growth of 8.7% in May, the General Administration of Customs said Thursday.

"If Trump were to give up on Chinese support in terms of containing North Korea, then there's a risk of increased trade tensions between the US and China, which could negatively impact China's overall export performance", said Julian Evans-Pritchard, China economist at Capital Economics.

Total foreign trade volume reached 13.14 trillion yuan in H1, up 19.6 percent year on year, the quickest pace since the second half of 2011.

Despite Washington's calls for action, trade between China and its neighbour increased 10.5 per cent to US$2.5 billion (Dh9.2bn) in the first six months of the year compared to the same period last year, including a 29.1 per cent jump in exports.

The European Union, the United States and ASEAN (the Association of Southeast Asian Nations) are still China's most significant trade partners, accounting for more than 41 percent of all imports and exports. For the first five months of the year, China imported 1.840 tonnes of copper.

Uncertainties weigh on the global market as major economies practice divergent monetary policy. Commodity prices and trade protectionism also add unpredictability.

Import growth is also likely to moderate along with export growth.

President Donald Trump last week criticized China for its ties with North Korea's government following the launch of a test missile, saying that China's economic interests undermined its ability to challenge President Kim Jong-un's totalitarian regime.

Wu said that China did not import a lot of cathodes in the first four months due to restrictions getting dollar-denominated credit lines, but that improved prospects for credit could improve copper imports in the coming month.

Robin Xing, chief China economist at Morgan Stanley, said the meetings between Trump and Xi in Florida and at the G20 summit in Germany this month have already helped reduce trade frictions.

"We will continue to strictly and earnestly implement the North Korea-related Security Council resolution in its entirety", said Geng at a regular news briefing.



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