Arab Today, arab today china\s import growth lowest in 20 months
Last Updated : GMT 04:36:39
Arab Today, arab today
Arab Today, arab today

China\'s import growth lowest in 20 months

Arab Today, arab today

Arab Today, arab today China\'s import growth lowest in 20 months

Beijing - Xinhua

The pace of China\'s import growth in June fell to its lowest level in 20 months as tightening monetary policies kicked in, resulting in the biggest monthly trade surplus this year, official statistics show. Import growth is expected to slow in the coming months, thanks to the broad impact of the tightening measures, before picking up in the last quarter, economists predicted. According to the General Administration of Customs (GAC), imports rose 19.3 percent, from a year earlier, to $139.7 billion, the weakest since November 2009. Exports rose 17.9 percent and despite this being the smallest increase since last December they reached a record high of $161.9 billion. The decline in import growth has led to a widening trade surplus, $22.3 billion in June compared to $13.1 billion in May. But in the first six months the trade surplus dropped 18 percent, year-on-year, to $44.9 billion. \"Import growth was weaker than expected, as imports for China\'s processing trade weakened and de-stocking in heavy industry continued,\" Wang Tao, head of China Economic Research at UBS Securities, said. \"Recent commodity price drops, including crude oil, also helped lower the import bill,\" she added. June\'s net imports of crude oil fell 12 percent from May to 19.43 million metric tons, the lowest since October, amid refinery maintenance and slowing energy demand, according to the GAC figures. \"Decelerating economic growth and tightening measures to soak up market liquidity have reined in import growth, but it is not a cause for worry,\" Li Wei, an economist at Standard Chartered Shanghai, said. The government is expected to announce economic growth data for the second quarter on Wednesday. Gross domestic product growth is widely predicted to slow from 9.7 percent for the first quarter. \"The slowdown in import growth will last two to three months or even longer due to both falling demand and possible commodity price drops,\" Li said. Zhong Shan, vice-minister of commerce, said recently that imports will slow down in the second half, citing the government\'s measures to cool the economy. The central bank has raised interest rates five times since mid-October, with the latest on July 7, and increased the reserve requirements for commercial banks, the amount they have to set aside, nine times since November. The consumer price index, a major gauge of inflation, surged to 6.4 percent last month, the highest in three years. Zhao Fudi, GAC spokesman, said in an online broadcast on Sunday that higher prices are increasing inflationary pressure, leading to a 14.7 percent gain in the overall price of imported commodities in the first half. Imports surged 27.6 percent year-on-year to $829.4 billion from January to June, as commodity prices rose during the first half. Exports increased 17.9 percent in June, down from 19.4 percent in May. \"This is because of weaker external demand\" from developed nations, Wang said. Exports increased 24 percent, year-on-year, to $874.3 billion during the first half, but exports to both the United States and the European Union, China\'s two major trading partners, rose by only 16.9 percent. \"The slow recovery of the global economy and the European debt crisis have added uncertainties to export growth,\" Zheng Yuesheng, head of the GAC statistics department, said. Lu Zhengwei, chief economist at Industrial Bank, believes that the March earthquake and tsunami in Japan hurt China\'s exports. \"The disaster cut off China\'s imports of parts and components used for mechanical and electrical goods, leading to a decline in those exports\" which make up a majority of China\'s exports, Lu said. As Japanese manufacturers resume full production, or come close to it, in September, China\'s exports will regain momentum, he predicted. Li Wei agreed. \"China\'s exports keep pace with the global economic recovery. And growth will probably see a turnaround in September\" when orders for the Christmas season are usually made, Li said. Many companies in China\'s coastal regions are far from optimistic, citing rising costs in labor and raw materials and yuan appreciation, as well as shrinking demand abroad. Han Jie, deputy director general of the department of commerce in Zhejiang province, said \"exporters in Zhejiang have experienced a disappointing first half, and the second half will not be better\".

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china\s import growth lowest in 20 months Arab Today, arab today china\s import growth lowest in 20 months

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china\s import growth lowest in 20 months Arab Today, arab today china\s import growth lowest in 20 months

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 3,250 people killed in Raqqa battle

GMT 03:49 2017 Wednesday ,18 October

3,250 people killed in Raqqa battle
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Anoshka happy for reactions to her talk show

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday