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

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

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

That's significantly higher than the $196 billion recorded between January and September previous year.

Trump imposed tariffs on almost $200-billion of Chinese imports last month and then threatened more levies if China retaliated. Imports of American goods increased 9 percent to $12.6 billion, down from 11.1 percent.

"China's trade surplus will keep rising because the domestic economy is cooling down", said Andy Xie, a Shanghai-based independent economist.

The two countries imposed new tariffs on a massive amount of each other's goods mid-September, with the USA targeting $200 billion in Chinese imports and Beijing firing back at $60 billion worth of United States goods.

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

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Trade turnover between Russian Federation and China has been rapidly growing, rising 30 percent to reach $77 billion from January to September, statistics from China's General Administration of Customs show.

For trade with all countries, China logged a surplus of $31.69 billion for September, compared with forecasts in a Reuters poll for $19.4 billion and August's surplus of $27.89 billion.

While the data showed China's trade remained strong for the month, analysts forecast the trade war will start to hurt in coming months.

China retaliated last month by putting tariffs ranging from 5 to 10 percent on $60 billion worth of American goods, coming into effect the same day as the American measures.

The world's largest trading nation got off to a strong start this year, but its economic outlook is being clouded by the escalating US trade dispute and cooling domestic demand.

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"I don't want to do it, but they have to come to the table", he continued.

China retaliated by imposing $60 billion in tariffs on USA products.

US Treasury Secretary Steven Mnuchin - in comments published in the Financial Times this week - warned China against engaging in competitive currency devaluations.

They are also promoting settlements in rubles and yuan, bypassing the USA dollar and other Western currencies. The Journal reported the Trump administration in recent days told Beijing it will go ahead with the meeting, which China has been hoping could help ease the escalating trade tensions.

The IMF has cited the trade war as one of the reasons it lowered its 2019 growth forecast for China, which is set to see its slowest expansion since 1990.

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