China's September trade surplus with USA widens to record $34.13 billion

Daniel Fowler
October 12, 2018

It was about $196.01 billion in the same period past year.

The second round of tariffs that the Trump administration imposed on China came into effect only on September 24, so the increase in exports last month might have been the result of Chinese companies rushing to sell their products before the additional duties were added.

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.

In an interview on Fox News on Thursday, President Trump praised his tariffs on Chinese imports. He blamed previous US presidents for allowing China to pursue unfair trade practices and said he had to tell Beijing, "It's over".

She cited a jump in exports of electrical machinery - the biggest export item from China to the US - as a sign exporters might have pushed out shipments ahead of implementation of the latest tariffs on $200 billion in Chinese exports.

Along with electrical machinery, exports for textiles, furniture and chips all rose faster than in the previous month, the customs data showed.

"If that's the case then I think further downside risk can be expected in the fourth quarter", Wang said.

The two countries already exchanged tariffs on $50 billion worth of each other's goods earlier this year.

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Chinese ambassador to Washington, Cui Tiankai, has said China is ready to make a deal but not if the only willing to make unreasonable offers.

Imports grew 14.3 percent, slightly missing forecasts, customs data showed Friday.

Last month, trade turnover between the two countries was more than $9 billion.

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).

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

China's economy is feeling some heat from tariff dispute and signs of slowing that prompted the central bank on Sunday to loosen policy by cutting banks' reserve requirement ratio (RRR) for a fourth time this year. An official survey also confirmed a further manufacturing weakening.

China's stock market has plunged this year but the trade war has also started to erode Trump's oft-touted USA stock gains, with the Dow Jones Industrial Average down more than five percent for the week.

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