China, exports jump more than expected. US: 'Trade to be rebalanced'
Chinese exports up 14.1% in April as Washington urges more fairness in bilateral trade ahead of Trump-Xi summit
Key points
According to official data, Chinese exports grew at a faster-than-expected pace in April, despite the pressure on the global economy caused by the war in the Middle East. The General Administration of Customs reported that exports rose 14.1 per cent in April compared to the same month a year earlier. The figure comes on the eve of US President Donald Trump's expected travel to Beijing.
Chinese exports exceed forecasts
Growth exceeded Bloomberg's forecast of 8.4 per cent and was a significant increase from the 2.5 per cent increase recorded in March. The boom in trade has been a key lifeline for Beijing in recent years amid a slowing domestic economy, with stagnant spending and a debt crisis in the property sector weighing on economic activity.
Chinese exports to the US rose 11.3% year-on-year in April, returning to growth after a sharp 26.5% drop in March. A positive sign for domestic spending, imports grew 25.3% year-on-year last month. The figure exceeded Bloomberg's forecast of 20.0%, but was slightly lower than the 27.8% jump recorded in March.
US Trade Representative: We want to rebalance trade with China
Meanwhile, a few days before US President Donald Trump's expected trip to China, US Trade Representative Jamieson Greer called for stability in relations with Beijing, explaining that Washington is not aiming to reshape the Chinese economy, but to rebalance trade.
The US trade chief told Fox News that the world's two largest economies have always had 'a really robust trade relationship', but that this was 'extremely unbalanced', with China exporting 'huge amounts of goods to the US' and largely blocking many American imports and products.
