China Says Rise in Foreign Trade Is Not Related to Firms’ ‘Export Rush’ Ahead of US Tariffs

China Says Rise in Foreign Trade Is Not Related to Firms’ ‘Export Rush’ Ahead of US Tariffs

Liao Shuming

Date: Thu, 06/14/2018 - 20:50 / source:Yicai
China Says Rise in Foreign Trade Is Not Related to Firms’ ‘Export Rush’ Ahead of US Tariffs
China Says Rise in Foreign Trade Is Not Related to Firms’ ‘Export Rush’ Ahead of US Tariffs

(Yicai Global) June 14 – Some firms’ so-called “export rush” before the upcoming US trade tariffs will not affect the steady and healthy development of China’s foreign trade, said the commerce ministry.

Some businesses have increased short orders for risk avoidance, but it is not the mainstream, said Gao Feng, spokesman for China’s ministry of commerce at a regular press briefing today.

"Multiple factors contributed to the sustained, steady growth of China’s foreign trade in the first five months of this year," Gao said in response to a question of whether the continued high growth of China’s foreign trade last month had anything to do with the export rush of Chinese businesses ahead of the US tariffs on Chinese imports.

In the first five months of this year, China’s imports and exports of goods totaled CNY11.63 trillion (USD1.8 trillion), up 8.8 percent over the same period last year. Exports totaled CNY6.14 trillion, rising 5.5 percent; imports reached CNY5.49 trillion, an increase of 12.6 percent; and trade surplus, CNY649.8 billion, down 31 percent, showed data released by the General Administration of Customs of China on June 8.

China’s imports and exports with traditional partners such as the US, the European Union, and Japan climbed by 5.3 percent, 7.3 percent and 4.5 percent respectively, data from the ministry of commerce showed.

Main Factors

The global demand has picked up, and the international economy has continued to recover since the beginning of this year, Gao said when citing one of the multiple factors.

Second, the core competitiveness of China’s foreign trade has been on the rise. Despite the pressures of rising element costs, shifts in some industries and competition from other economies, China’s foreign trade is still undergoing active transformation and upgrading, and has continuously improved its competitiveness in many areas such as product quality, grades, brands and services.

The rapid growth of China’s imports has driven the overall increase in the country’s foreign trade, Gao added. With the release of consumption potential in the domestic market and the rising prices of some commodities, the increase in imports in the first five months of this year has led to overall growth in foreign trade.

Editor: Mevlut Katik

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Keywords: Export, USA Tariff, Ministry of Commerce, EXPORTS, Imports