Published: Sat, April 14, 2018
Money | By Armando Alvarado

China's trade surplus with United States soars 19.4% in first quarter

China's trade surplus with United States soars 19.4% in first quarter

As a result, the trade surplus came to more than 48 billion dollars, down 26.2 percent year-on-year.

First quarter sales increased by 2.8% to close to 7.2m vehicles from just over 7m units in the same period of past year - in line with the association's forecast of 3% growth for the whole of 2018.

The latest data showed China continues to benefit from the two-way trade.

Chinese President Xi Jinping poses for a group photo of the destroyer Changsha while reviewing a military exhibition of the Chinese People's Liberation Army (PLA) Navy in the South China Sea on April 12, 2018.

In local currency terms, Chinese export growth slowed from a 36.2% year-on-year clip for February to -9.8% in March (consensus: +8.0%), according to the customs administration, although import volumes held-up better, rising by 5.9% year-on-year after a dip of 0.2% in the month before (consensus: 7.5%).

"Ultimately U.S. industry will be looking for implementation of long-stalled economic reforms, but actions to date have greatly undermined the optimism of the U.S. business community", said Jacob Parker, vice president of China operations at the US-China Business Council.

Other military experts suggested that the Chinese exercises were meant to call attention away from the current tensions between the USA and Russian Federation over Syria, and that they represent a gesture of support for Moscow on the part of Beijing.

Timmy Matley: Stars pay tribute to The Overtones singer
The Overtones - Tim Matley. "Family and friends are devastated a the news and have requested privacy at this very hard time". Bailey responded: "This is so very sad!" 'We know this news will be as heartbreaking for you all as it is for us.

The Commerce Ministry denied Thursday that had anything to do with the dispute with Washington and said negotiations were impossible while Trump was threatening tariff increases on a possible $100 billion list of additional goods.

Chinese officials were reportedly unhappy that the US signed the Taiwan Travel Act in March, which will permit high-level government officials to visit the small island nation.

Still, last month's surplus with the USA fell to $15.4 billion from February's $21 billion, while it was also down from $17.7 billion during the same period in 2017. "We believe that this trade friction is not conducive to China's interests, nor is it conducive to the interests of the USA".

Analysts expected China would record a trade surplus of US$27.21 billion for last month, from February's surplus of US$33.75 billion.

Beijing has long accused Washington of meddling in the South China Sea.

While China was busy selling more to the USA, it was buying more from other countries, and ran a $9.86 billion deficit with the rest of the world in the quarter.

Hi-tech products have been among its fastest growing export segments.

Like this: