Published: Fri, July 13, 2018
Money | By Ralph Mccoy

China's Trade Surplus With the US hits record high

China's Trade Surplus With the US hits record high

China's total exports rose 11.3% year-on-year in June, beating a Bloomberg News forecast of 9.5%.

China's trade surplus with the United States has grown to a record high of almost $29 billion in June.

Growth in imports for June showed a moderate slowdown from May, official data showed on Friday.

"This trade dispute will definitely have an impact on China-US trade and will have a very negative impact on global trade", a Chinese customs administration spokesman said today. That leaves about $80 billion for penalty tariffs after Beijing's previous increases either imposed or threatened on a total of $50 billion of US goods are counted.

The dispute has jolted global financial markets, raising worries a full-scale trade war could derail the world economy. So far, encouraged by strong job growth and expectations of good quarterly earnings reports, U.S. markets have been strong and the Australian market has reached a 10-year record high. Both official and private business surveys reported softer export orders last month.

"There will be challenges facing foreign trade with rising instabilities and uncertainties in the global environment, " said a Chinese customs agency report.

In yuan terms, China's exports grew 3.1% in June and imports rose 6.0%.

The commerce ministry also said this week it will use funds collected from tariffs charged on imports from the USA to help ease the impact of U.S. trade actions on Chinese companies and their employees.

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Imports increased by 14.1%, below the forecast 21.3%.

"So we would be back to square one", Mr Kuo said, with China exporting more to the USA than it buys from the country. China said the two sides were not discussing restarting trade negotiations.

In June the surplus with the United States was at $28.97 billion, up from $24.58 billion in May, according to Reuters calculations based on customs data released on Friday.

But signs exporters were rushing shipments before tariffs went into effect in the first week of July suggest the spike in the surplus was a one-off, with analysts expecting a less favourable trade balance for China in coming months as duties on exports start to bite.

For January-June China's trade surplus with the United States rose to $133.76 billion, compared with about $117.51 billion in the same period previous year.

Trump imposed $34 billion of tariffs on China, and another round of $16 billion is around the corner.

Chinese data released Friday showed that the USA trade deficit with China hit $28.97 billion in June, an increase of $4.39 billion from May, according to Reuters. The surplus was China's highest since December.

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