China reports surprisingly strong exports despite U.S. tariffs

China's October exports surprisingly strong

Investment bank ANZ said Thursday that it expects the real difficulties to start after the USA tariffs on the $200 billion of Chinese goods rise to 25% at the end of the year.

The increases also accelerated from the 17.4-percent growth for imports seen in September and a rise of 17 percent for exports.

Top Chinese officials are now in Washington, with hopes that those talks could pave the way for a breakthrough on trade later this month when Trump meets Chinese President Xi Jinping at the G20 summit in Argentina.

For the seventh month in a row total United States crude oil exports, excluding china, hit a new all-time high reaching 7.9 million t in September.

"As we expect President Xi's meeting with Presdient Trump at the end of November will not achieve positive results, the increase of the current tariff rate from 10% to 25% on $200 billion of U.S. imported goods from China is a high probability event".

Chinese exports and imports both grew more than expected in October, the first full month of data since the latest U.S. tariffs went into effect.

China's exports to the United States and the rest of the world saw a surprise jump in October, data showed Thursday, suggesting businesses are ramping up trans-Pacific shipments before higher tariffs kick in.

Container ship freight rates from China to the U.S. West Coast remain near record highs set in September, suggesting solid November shipments as well.

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US President Donald Trump has said he's prepared to expand the tariffs to effectively cover all Chinese exports to the United States, which topped $500 billion past year. Economists and Chinese government officials said recently that they expected export growth to slow in the final months of the year.

USA orders for Chinese goods at the latest Canton fair dropped 30.3 percent from a year earlier by value, the fair's organizer said on Sunday, as higher US tariffs made goods from batteries to farm tractors costlier.

Far from being impacted by the trade war with Donald Trump's USA administration, China has reported better-than-expected exports and imports for October. Trump has railed against China over intellectual property theft, entry barriers to US business and the gaping trade gap.

According to Reuters, China recorded a trade surplus of $31.78 billion with the October - down from a record $34.13 billion in September.

South Korea has become the largest long-distance importer of United States crude oil at 1.1 million t in September, its highest level ever.

Chinese exports are also boosted by robust growth, both globally and in the US, said independent economist Andy Xie. This can been seen in China's trading data with Japan, EU, and B&R countries, Bai added, after 5 years work on BRI cooperation, now the effects have been shown.

President Xi said at the opening of an import expo this week that he expects China to import $30 trillion worth of goods and $10 trillion worth of services in the next 15 years. Last year, Xi had estimated that China would import $24 trillion worth of goods over the coming 15 years.

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