Chinese manufacturers tried to tackle sustained pressure from the Donald Trump administration by shifting focus from the US market to Southeast Asia, Africa and Latin America.
“With more diversified trading partners, (China’s) ability to withstand risks has been significantly enhanced,” Wang Jun, a vice-minister at China’s customs administration told a press briefing.
Exports from China grew by 6.6 per cent in value terms year on year (YoY) in December compared with a 5.9-per cent YoY increase in November. Imports were up by 5.7 per cent YoY after a 1.9-per cent YoY bump the month earlier.
The economy’s monthly trade surpluses exceeded $100 billion seven times last year.
China’s exports to the US fell by 20 per cent YoY in dollar terms last year, while imports from there were down by 14.6 per cent YoY. Exports to Africa jumped by 25.8 per cent YoY and those to the ASEAN bloc of Southeast Asian nations up by 13.4 per cent YoY. EU-bound shipments grew by 8.4 per cent last year, according to media reports from China.
US saw its trade deficit shrink to $1.7 trillion last year, mostly due to the higher tariffs introduced on imports by Trump last year.
ALCHEMPro News Desk (DS)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
