Published: Tue, April 17, 2018
Worldwide | By Isabel Fisher

China Trade Surplus With US Jumps 19% In First Quarter

China Trade Surplus With US Jumps 19% In First Quarter

However, Xuzhou, an industrial city in eastern China's Jiangsu province, was also on the list of the 10 smoggiest cities in March and during the first quarter, a sign that China's smog is shifting from its northern heartlands as a result of the crackdown.

China's trade surplus with the U.S. surged 19.4% on-year in the first quarter, as trade tensions between the world's two largest economies simmer.

Still, last month's surplus with the U.S. 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. However, in March, average concentrations climbed 2.1% from the year before to 48 micrograms per cubic metre. That scenario did not alter their view that global demand remains robust.

Kumar also made a strong pitch for Chinese investments specially in Prime Minister Narendra Modi's scheme for housing for all Indians by 2022.

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.

No hard timeline has been set by either Washington or Beijing for the actual imposition of tariffs, which leaves the door open to negotiations and a possible compromise which could limit the damage to both sides and other trade-reliant economies.

He also called on China to allow more Indian films to be screened in the country as well as exports of pharmaceuticals from India with huge active pharmaceutical ingredients (APIs) being imported from China.

China's March trade surplus with the USA fell to $15.32 billion, according to Reuters calculations based on official data, compared with $20.96 billion for February. But the solid global growth outlook may provide some buffer.

China's first-quarter exports to the USA rose 14.8 percent from a year earlier, despite a 5.6 percent drop in March.

Meanwhile, imports surged 14% in March from a year ago, faster than the expected spike of 12%.

In the first week of April, the USA announced tariffs worth $50 billion on Chinese products which, it said, was the result of Beijing forcing the American companies to transfer their technology to China's firms.

"Again, we're doing really well with China".

Imports of commodities continued to lead the way in March, with shipments of copper, crude oil, iron ore and soybeans all rising from the previous month.

President Xi Jinping showed off China's naval might, presiding over the country's biggest-ever fleet review, while announcing live-fire military drills in the Taiwan Strait.

Washington says China's $375 billion trade surplus with the United States is unacceptable, and has demanded Beijing reduce it by $100 billion immediately.

Xi said that China will sharply widen market access for foreign investors, a chief complaint of the country's trading partners and a point of contention for US President Donald Trump's administration, which has threatened billions of dollars in tariffs on Chinese goods.

Nevertheless, the news from Beijing was good this week.

Under a so-called harmonised system of tariffs - Chinese products are now coded specifically so that the same product would face higher USA tariffs if used in a higher-tech sector like nuclear energy, rather than a more generic category like household electronics. China exported US$137.8 billion worth of high-tech products in the first quarter, up 20.5 per cent on-year.

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