BALANCE IN CHINA’S FAVOUR
CHINA’S trade surplus with the US has widened to a record despite a worsening tariff war.
The amount the US spent on imports from China outstripped the value of goods it sold to China by $US34.1 billion ($47.9 billion) last month, according to Customs figures released yesterday.
That tally was up 13 per cent from the same month a year earlier. The US imported $US46.7 billion worth of Chinese goods in September, while its exports to China jumped by 9 per cent to $US12.6 billion.
Chinese exports to the US have stayed relatively strong despite being hit by punitive tariffs of up to 25 per cent, ushered in by President Donald Trump.
Capital Economics economist Julian EvansPritchard said in a report for investors the research house expected trade in both directions “to soften in the coming quarters”.
September marked the second consecutive month the Chinese trade surplus with the US set a record.
Overall, China’s global exports rose 14.5 per cent over a year to September.