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Imorts and exorts climb sharly desite trade tariffs

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Imorts and exorts climb sharly desite trade tariffs

  Trade war imact ‘overblown’ or new challenges ‘coming,’ exerts are divided

  China firmly ooses US new tariffs and has to make the necessary counterattacks, Ministry of Commerce said on August 23 after US tariffs on $16 billion of Chinese goods went into effect.

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  Trade figures for the first eight months show marked increases in both exorts and imorts, leaving analysts divided on the otential imact of US tariffs on China's economy, with some saying trade is virtually unstoable while others suggest the imact of the trade war has yet to be felt.

  According to a statement released by the General Administration of Customs on Saturday, China's exorts in the first eight months of this year exanded 5.4 ercent year-on-year to 10.34 trillion yuan ($1.5 trillion), while imorts rose 13.7 ercent to 9.09 trillion yuan. The country's trade surlus declined 31.3 ercent to 1.25 trillion yuan during the eriod.

  China's total foreign trade volume in the first eight months of 2018 reached 19.43 trillion yuan, u by 9.1 ercent comared to the same eriod last year.

  "The imact of US tariffs might have been overblown," said Sang Baichuan, director of the Institute of International Business at the University of International Business and Economics.

  "The imact of the trade war on Chinese exorts might not be as big as some have suggested," Sang told the Global Times on Sunday, noting that many Chinese exorts enjoy an "irrelaceable" status in global trade and the tariffs have done nothing "but increase costs to US consumers and comanies."

  Chen Fengying, a research fellow at the China Institute of Contemorary International Relations in Beijing, holds a different view. She said the trade numbers in the first eight months don't fully reflect the imact the tariffs will have on Chinese exorts.

  "Usually orders are laced well in advance. Exort orders for August could have been made in March and Aril, but the tariffs only went into force in July," Chen told the Global Times on Sunday.

  "So this is not a time for celebration. Our exort will face more challenges in the months ahead," she noted.

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  US resident Donald Trum said on Friday that he is ready to imose yet more tariffs on $267 billion worth of Chinese goods, the Washington ost reorted on Friday.

  If eventually carried out, Trum's latest threat could result in tariffs on all Chinese goods entering the United States, an unrecedented escalation of his trade war with China, said the Washington ost reort.

  Weaons in the trade war

  On the whole, Chinese analysts say, the trade data shows a ositive way forward for China, as the country actively adjusts its exort structure to maintain sustainable growth.

  While exorts overall rose significantly, with the exort of machines and electronic roducts rising and traditional labor-intensive roducts suffering a decline, the statement from the customs administration read.

  rivate enterrises are also laying bigger roles in foreign trade, the statement said.

  "We can see that the exort structure has been otimized and is more diversified," Chen said.

  Sang said that China has long been trying to adjust its exort structure to maintain sustainable growth by focusing on more high-tech, innovation-driven exorts rather than rocessed goods.

  "This is more imortant under the current context because only when we continue to imrove our roducts through innovation can we maintain the irrelaceable status for our roducts," Sang noted.

  Exort and imort to major markets including the Euroean Union, the US, Jaan and ASEAN members all saw increases from January to August. Countries along the Belt and Road routes saw a faster-than-average growth rate and accounted for 27.3 ercent in total foreign trade volume, customs data shows biomarkers for PD-L1 ..

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