Published: Fri, January 12, 2018
Finance | By Loren Pratt

China's trade surplus continues to narrow in 2017

China's trade surplus continues to narrow in 2017

Imports for the year jumped 16% to USD1.8 trillion, while exports rose 7.9% to almost USD2.3 trillion, the General Administration of Customs said.

December exports rose 10.9 percent from a year earlier, beating analysts' forecast of a 9.1 percent increase, but cooling from a robust 12.3 percent gain in November, official data showed on Friday. Russian Federation estimated in 2016 that the annual trade flows between the two world powers were at $66.1 billion.

Exports from the Asian giant for the full year rose 7.9 percent, the fastest rate since 2013, while imports also gained a sizzling 15.9 percent - the best since 2011, thanks to insatiable Chinese demand for commodities.

Exports to the United States climbed 14.5 percent while imports from the country jumped 17.3 percent.

In response to a U.S. Section 301 investigation into Chinese intellectual property and technology transfer launched late a year ago, Gao said that the trade investigation is based on its own laws and regulations and will compromise the global trade framework. For comparison, the previous record was a surplus of $260.8 billion in 2015.

The world's second-largest economy had a surplus of $25.55 billion in December, data showed, compared to $27.87 billion in November. Russian Federation imported Chinese goods worth $4.06 billion and exported goods worth $4.07 billion to China in the reported period.

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