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July China Import And Export Growth 12.5% Tariff Measures First Month Sino-US Trade Placid
Kinghood International Logistics Inc | Updated: Aug 13, 2018

In July, China's import and export value of 2.6 trillion yuan, the growth rate jumped from 4.3% last month to 12.5%, of which export growth from June to 3.1% to 6%, import growth rate from June to 6% increased significantly.

It is clear that China's imports and exports in July were not affected by tariffs imposed by the United States, but exceeded market expectations. July 6, China and the United States to each other 34 billion U.S. dollars of goods began to levy 25% Tariff, which will indeed affect the import and export of some enterprises, but 34 billion U.S. dollars in China's foreign trade market accounted for a limited, since Trump launched a trade war, the market expectations of tariffs have been fully released, China has made full preparations

Coupled with the recent fluctuations in the renminbi exchange rate, objectively offset the impact of tariff measures. From the internal view of China a series of stable foreign trade initiatives also have positive results, as the Sino-US trade friction continued to ferment, the first half of China's steady foreign trade on the force, in the near future is to include it in the "six stability" work, which laid the domestic foundation for the recovery of foreign trade Externally, the world economy and the international market still maintain a recovery posture, China's main trading partners to maintain good growth.

Under the background of Sino-US trade friction escalation, China pays more attention to the diversification of international market, and other markets outside the United States are growing faster. China's exports to Japan, ASEAN, India, Russia and Hong Kong in July achieved double-digit growth, with growth of 12.3%, 15.4%, 14.8%, 11% and 16.6% respectively.

Over the same period, China's "All the way" along the country total import and export 4.57 trillion yuan, growth 11.3%, higher than the overall growth rate of 2.7%, accounting for the total trade value of 27.3%, increase the proportion of 0.7%. The devaluation of the renminbi since July has also helped to boost exports to the current month objectively. The impact is even more pronounced in the month-on-month changes in exports: In the US dollar, exports grew by 1% in July compared with last month, and by nearly 3% in renminbi.

The renminbi depreciated by about 3% per cent against the dollar in July. Recently, China's imports continue to grow faster than exports, partly because of the huge volume of Chinese exports and the current pressure to maintain high growth in previous years, and more importantly, China's continued expansion of imports in recent years, the continued reduction or cancellation of import tariffs on some commodities,Import fairs will also be held in the second half of the year, which will further stimulate rapid import growth. Imports grew by 20.9% in renminbi in July, up from 27.3% in dollar terms. This suggests that domestic demand is in good shape. Recent macro policies tend to be positive and the real economy is expected to improve significantly, boosting the willingness of enterprises to replenish inventories and drive import demand.Imports of major industrial primary products grew faster.

The large increase in oil and gas imports was the main reason for strong imports in July, this is because the international oil price continued to hover, on the other hand, with the coal gas and other energy restructuring measures to promote the second half of China's oil and gas demand is strong, China from Russia, Central Asia and other places to import oil and gas pipeline repair more and more. Data show that the first 7 months, crude oil 261 million tons, an increase of 5.6%, the import average price of 3219.9 yuan per ton, up 23%; natural gas 49.43 million tons, increase 34.3%, import average price of 2533.2 yuan per ton, up 13.3%, oil products 19.15 million tons, increase 10.2%,The average import price is 3760.8 yuan per ton, up 15%. In addition, lower import tariffs have also facilitated imports of consumer goods.

In July China slashed tariffs on car and parts imports, and in July cars and car chassis imports grew by as much as 72%, compared with negative growth last month.In view of the international balance of payments, China is currently expanding the opening up of investment, China in the manufacturing sector, the financial industry and other areas to expand the opening of foreign investment, all over the country is also increasing the strength of investment. To look at Sino-US trade, July Sino-US trade 354.72 billion yuan, an increase of 5.2%, nearly three months since this growth has been maintained at this level.

China's exports to the U.S. 267.66 billion yuan, the growth rate from 5.7% last month down to 5.6%, China's imports from the United States 87.06 billion yuan, the growth rate of 4.3%, even faster than last month's 0.3%. On the macro level, the 34 billion-dollar tariff list is limited to China's foreign trade volume of more than $4 trillion trillion, and China has the full capacity to defuse its impact. Although the data stability, but can not think the impact of trade war is limited, with the gradual escalation of trade war and tariff measures to fall, the future of China's foreign trade still face greater pressure.


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