An unexciting Chinese trade report

Screen Shot 2018 10 10

But they also benefit from "robust US demand" and a weaker Chinese currency, which makes their goods cheaper overseas, Louis Kuijs of Oxford Economics said in a report.

Overall, China's global exports rose 14.5 percent over a year earlier, up from August's 12.2 percent growth.

In an interview on Fox News on Thursday, President Trump praised his tariffs on Chinese imports. Analysts had expected imports to rise 15.0 percent, compared with August's 19.9 percent. "With stable fuel demand, we have been scooping up crude oil, pushing up premiums of some crude grades", a crude trader with an independent refinery said before the data was released.

China's trade surplus with the United States widened to a record $34.1 billion in September as exports to the US market rose by 13 percent over a year earlier despite a worsening tariff war.

- China said Friday it is in contact with the United States amid reports of a planned meeting between President Xi Jinping and President Donald Trump next month following a dive in the US stock market blamed partly on a growing trade war between the world's two largest economies. In the past two years, China has failed on only one criteria, its high trade surplus with the United States.

But global trade would continue to face challenges as the U.S.

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

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.

Asia expert Michael Pillsbury on Friday said he's hopeful that President Trump and China's President Xi Jinping will reach a trade deal soon, but there's still some unfinished business.

US Treasury Secretary Steven Mnuchin - in comments published in the Financial Times this week - warned China against engaging in competitive currency devaluations. He has imposed tariffs on an estimated half of all Chinese goods imported to the United States, worth some 250 million dollars.

"Their economy has gone down very substantially", he said.

China's exports to the U.S. rose to $46.7 billion while imports slumped to $12.6 billion.

The Chinese yuan has lost almost 10 per cent of its value against the dollar this year.

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