Global trade

Muscat Daily - - BUSINESS -

China’s over­all trade - what it buys and sells with all coun­tries, in­clud­ing the US - logged a US$44.7bn sur­plus in Novem­ber, up from US$35bn the pre­vi­ous month, the data showed.

But growth of ex­ports and im­ports slowed from Oc­to­ber, with ex­ports ris­ing 5.4 per cent for Novem­ber on-year, short of the 9.4 per cent fore­cast by Bloomberg News, and im­ports ris­ing three per cent on-year, also be­low the fore­cast.

The sag­ging ex­port and import growth is an­other bad sign for China’s econ­omy, which grew at its slow­est pace for nine years in the third quar­ter, ex­pand­ing 6.5 per cent on-year for Ju­lySeptem­ber.

While ex­ports to the US have held up so far this au­tumn, the row has sapped con­fi­dence.

The Shang­hai com­pos­ite stock in­dex has fallen by about one-quar­ter from its Jan­uary high, while the yuan has slipped about nine per cent against the dol­lar.

The trade ten­sions with Washington come at a tough time for Bei­jing, which is bat­tling to tackle a moun­tain of debt as credit tight­ens and in­fra­struc­ture in­vest­ment falls.

Last week, as part of the trade war truce, Trump agreed to hold off on plans to raise tar­iffs on US$200bn in Chi­nese im­ports to 25 per cent be­gin­ning Jan­uary 1, leav­ing them at the cur­rent ten per cent rate.

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