China's Trade Sheds US Trade Spat Jitters, Jumps 8% in Six Months
Liao Shumin | Xu Zuwei
DATE:  Jul 13 2018
/ SOURCE:  Yicai
China's Trade Sheds US Trade Spat Jitters, Jumps 8% in Six Months China's Trade Sheds US Trade Spat Jitters, Jumps 8% in Six Months

(Yicai Global) July 13 -- China's trade sector keeps on growing on strong commodities exchange despite the brewing trade dispute with the US. 

The total volume of trade increased 8 percent in the first six months this year to CNY14.1 trillion, data from China's customs shows. Exports jumped 5 percent to CNY7.5 trillion, while imports grew more rapidly at a 12 percent pace to 6.6 trillion. This is why trade surplus narrowed 27 percent to CNY901.3 billion.

China's exports and imports were stable and progressive, Huang Songping, spokesperson for the customs said, adding that the steady operations are facing challenges with the bilateral trade tensions.

China's trade with the US climbed 5 percent to CNY1.9 trillion and retained the US as its second-largest trading partner. In terms of value, China exported 6 percent more to the States at CNY1.4 trillion and imported less than half of that at CNY538 billion, still up by 4 percent from the year before.

After the US initiated the measures of collecting additional tariffs on USD34 billion worth of Chinese products on July 6, China has taken corresponding countermeasures, Huang said, without clarifying these measures.

Selling and buying commodities as crude oil, natural gas, as well as aquatic and marine products fueled the expansion of imports. The volume of bought crude oil grew 6 percent to 225 million tons and that of natural gas rose 35 percent to 42 million tons. Refined oil product imports increased 10 percent to 17 million tons.

China's top three trade partners were the European Union, the US, and the Association of Southeast Asian Nations, the last of which showed the most impressive 11 percent growth rate. Other winners were 16 central and eastern European countries, as trade with the region jumped 15 percent.

Editor: Emmi Laine 

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Keywords:   General Administration of Custom,Trade,Surplus,Customs,US-China Trade Dispute,EXPORTS,Imports