AP: China's exports to US shrink 16pc as trade war intensifies
CHINA's trade with the US is falling as imports of American goods dropped 22 per cent year on year in August to US$10
CHINA's trade with the US is falling as imports of American goods dropped 22 per cent year on year in August to US$10.3 billion while exports to America fell 16 per cent to $44.4 billion, reported The Associated Press.
This assessment accords with reports from Reuters news agency and London's Financial Times.
Chinese negotiators and US are preparing for talks in October. Despite that, the two governments escalated the conflict, imposing or increasing penalties on billions of dollars of goods with US President Donald Trump vowing another increase mid-October.
Chinese exporters also face pressure from weakening global consumer demand. That hurts efforts to find markets to replace the United States.
'The tit-for-tat escalation shows how unlikely a trade deal and de-escalation have become,' said Louis Kuijs of Oxford Economics in a report. 'Meanwhile, the global trade weakness looks set to linger, which will continue to weigh on demand for China's exports.'
The conflict has disrupted trade in goods from soybeans to medical equipment, battered traders on both sides and fuelled fears in financial markets of a global economic slowdown.
China's global exports fell three per cent to $214.8 billion, while imports were up 1.7 per cent at $180 billion. For the first eight months of 2019, exports were off one per cent from a year earlier and imports were down 5.6 per cent.
Exports to the European Union rose three per cent from a year earlier to $38.3 billion.