Published: Fri, October 12, 2018
Money | By Ralph Mccoy

China's September export growth tops forecasts, surplus with USA record high

China's September export growth tops forecasts, surplus with USA record high

He also blamed previous US presidents for allowing China to pursue unfair trade practices and said he had to tell Beijing, "It's over".

"With global growth likely to cool further in the coming quarters and United States tariffs set to become more punishing, the recent resilience of exports is unlikely to be sustained".

Export numbers have been buoyed by producers rushing to fill orders before American tariffs rose, but they also benefit from "robust US demand" and a weaker Chinese currency, which makes their goods cheaper overseas, said Louis Kuijs of Oxford Economics in a report.

The reports were followed by remarks from senior Washington officials that China was the greatest threat to USA democracy and security.

September marked the second straight record Chinese monthly trade surplus with the United States after August's $31 billion.

China's overall export growth accelerated, temporarily defying forecasts of a slowdown as the global economy and consumer demand cool.

The yuan has lost almost 10 percent of its value against the USA dollar this year.

China's export data has been surprisingly resilient to tariffs, possibly as companies ramped up shipments before stiffer US duties go into effect, but factory surveys have shown export orders have been shrinking for several months. Imports grew 14.3 percent to $195 billion, down from the previous month's 20.9 percent rate.

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"We will watch for downside risks to China's exports" in the fourth quarter, Wang said.

In an interview on Fox News on Thursday, President Trump praised his tariffs on Chinese imports.

For January-September, China's trade surplus with the United States was $225.79 billion, compared with about $196.01 billion in the same period a year ago.

Analysts polled by Reuters had forecast shipments from the world's largest exporter would rise 8.9 percent in September from a year earlier, slowing from 9.8 percent in August.

In 2017, nine percent of payments for supplies from Russia to China were made in rubles; Russian companies paid 15 percent of Chinese imports in renminbi (yuan).

To shore up growth, Beijing has pledged to increase export tax rebates from November 1 for the second time this year and promised to cut corporate burden on a larger scale to help struggling Chinese firms.

China will cut import tariffs on a wide range of goods beginning on November 1, as part of Beijing's pledge to take steps to increase imports this year amid rising tension.

The International Monetary Fund on Tuesday cut its global economic growth forecasts for this year and next, saying that the U.S-China trade war was taking a toll.

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