China logs record trade surplus with U.S. in 2018

China logs record trade surplus with U.S. in 2018

On a global level, China's exports have grown by 9.9 percent previous year, but the Asian country also marked a 15.8 percent growth in imports.

Customs data released Monday show exports rose 11.3 percent to $478.4 billion despite President Donald Trump's punitive tariffs in a fight over Chinese technology ambitions.

Crude oil imports for the full 2018 averaged 9.24 million bpd, up by a little over 10 percent on an annual basis, or 846,600 bpd more than the average daily import rate for 2017.

Customs data showed that Chinese exports rose 11.3 percent in 2018 to $478.4 billion, while imports from the USA only rose by 0.7 percent.

Traditionally China imports vast quantities of American soybeans in the second half of the year, long making it the most valuable import from the US.

However, in a sign that the White House's measures are having an impact, China's exports to the U.S. sank last month.

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Chinese exporters also face pressure from cooling consumer demand in other global markets.

But a slew of bad economic data has added to concerns about China's economy, which is expected to have eased to around 6.5 percent growth in 2018, down from 6.9 percent in 2017.

In December alone, China's trade surplus with the US was $29.87 billion.

In 2018, the U.S. imposed billions of dollars worth of tariffs on Chinese products, prompting retaliation from Beijing and a trade war that analysts fear could escalate further and damage the global economy.

Official data also showed the manufacturing sector contracted in December for the first time in more than two years.

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