Russia and China have topped the list of countries that registered the highest trade surplus in 2022, according to a report by the national statistical services of both countries.

China & Russia world leaders in trade surplus in 2022: Report

Russia and China have topped the list of countries that registered the highest trade surplus in 2022, according to a report by the national statistical services of both countries, reports state-owned RT news.

China positioned itself as the top among the major economies as its surplus trade grew by 30 per cent last year to an all-time high of $877.6 billion.

It exported nearly $3.59 trillion worth of goods—a growth in export value of about 7 per cent compared to the last year. While imports surged only by 1.1 per cent to roughly $2.72 trillion.

Russia was placed second as its surplus increased by 1.7 times over the year to a record $333.4 billion. The country’s total exports reached $591.4 billion, up 19.9 per cent from 2021.

According to the data, energy sales constituted the bulk of Russia's foreign exports, reaching $383.73 billion—a 42.8 per cent year-on-year increase. Imports, however, slid 11.7 per cent to $259.1 billion compared to the previous year.

The report notes the impact of Western sanctions on Russia, and President Vladimir Putin’s efforts to promote self-sufficiency and import substitution measures on dwindling imports.

Saudi Arabia positioned itself third after registering its highest trade surplus since 2012 at $221.3 billion, followed by Norway, Australia and Qatar.

According to the Sputnik news agency, 26 major economies recorded a trade surplus of $2.45 trillion in 2022, compared to 32 countries with $2.1 trillion a year earlier.

The only country that managed to move from a trade deficit to a surplus last year was Nigeria.

Whereas, Germany saw its figure drop 2.4 times to $85.34 billion, slipping to the seventh spot from the second place a year earlier.

The data was presented by the national statistical agencies of the world's 60 largest economies. Sputnik and RT conducted a study based on this data.

(With inputs from agencies)

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Russia and China have topped the list of countries that registered the highest trade surplus in 2022, according to a report by the national statistical services of both countries, reports state-owned RT news.

Russia and China have topped the list of countries that registered the highest trade surplus in 2022, according to a report by the national statistical services of both countries, reports state-owned RT news. China positioned itself as the top among the major economies as its surplus trade grew by 30 per cent last year to an all-time high of $877.6 billion. It exported nearly $3.59 trillion worth of goods—a growth in export value of about 7 per cent compared to the last year. While imports surged only by 1.1 per cent to roughly $2.72 trillion. Russia was placed second as its surplus increased by 1.7 times over the year to a record $333.4 billion. The country’s total exports reached $591.4 billion, up 19.9 per cent from 2021. According to the data, energy sales constituted the bulk of Russia's foreign exports, reaching $383.73 billion—a 42.8 per cent year-on-year increase. Imports, however, slid 11.7 per cent to $259.1 billion compared to the previous year. The report notes the impact of Western sanctions on Russia, and President Vladimir Putin’s efforts to promote self-sufficiency and import substitution measures on dwindling imports. Saudi Arabia positioned itself third after registering its highest trade surplus since 2012 at $221.3 billion, followed by Norway, Australia and Qatar. According to the Sputnik news agency, 26 major economies recorded a trade surplus of $2.45 trillion in 2022, compared to 32 countries with $2.1 trillion a year earlier. The only country that managed to move from a trade deficit to a surplus last year was Nigeria. Whereas, Germany saw its figure drop 2.4 times to $85.34 billion, slipping to the seventh spot from the second place a year earlier. The data was presented by the national statistical agencies of the world's 60 largest economies. Sputnik and RT conducted a study based on this data. (With inputs from agencies) WATCH WION LIVE HERE

Russia, China record highest trade surplus in 2022, says data

China’s export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as its struggles to recover from a COVID-19-induced slump, but weakening global demand could start to drag on shipments in coming months.

Exports rose 18% in July from a year earlier, the fastest pace this year, official customs data showed on Sunday, August 7, compared with a 17.9% increase in June and beating analysts’ expectations for a 15% gain.

Outbound shipments have been one of the few bright spots for the Chinese economy in 2022, as widespread lockdowns hit businesses and consumers hard and the once mighty property market lurches from crisis to crisis.

“China’s export growth surprised again on the upside. [It] continues to help China’s economy in a difficult year as domestic demand remains sluggish,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.

However, many analysts have expected exports to fade as the global economy looks increasingly likely to be heading into a serious slowdown, weighed down by soaring prices and rising interest rates.

A global factory survey released last week showed demand weakened in July, with orders and output indexes falling to their weakest levels since the onset of the COVID-19 pandemic in early 2020.

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China’s official manufacturing survey indicated activity contracted last month, raising fears that the economy’s recovery from lockdowns in spring will be slower and bumpier than expected.

But there were signs that transport and supply chain disruptions caused by COVID-19 restrictions were continuing to ease, just in time for shippers preparing for peak year-end shopping demand.

Foreign trade container throughput at eight major Chinese ports rose 14.5% in July, speeding up from the 8.4% gain in June, according to data released by the domestic port association.

Container throughput at the COVID-19-hit Shanghai port hit a record high last month.

July exports may also have been buoyed by pent-up demand from Southeast Asia as supply snarls eased and factories there ramped up production, Bruce Pang, chief economist and head of research at Jones Lang Lasalle, said in a research note.

Moreover, amid negative real interest rate and surging inflation, some European and US customers may have front-loaded orders to ensure they had goods on hand with lower costs, he added.

Still, while export growth remained high, mainly backed by price factors, the volume of exported goods dropped in July, said Chang Ran, a senior analyst at Zhixin Investment Research Institute.

“Looking ahead in the second half of the year, exports are expected to be resilient in the short run, but weakening external demand may pressure them in the fourth quarter,” Chang said.

Chinese exporters are facing mounting headwinds, one company executive told Reuters.

“I am very worried about the impacts of soaring US inflation and rising China-US tensions on our export orders,” Jin Chaofeng, general manager at Nicesoul, one of Amazon’s top rattan outdoor furniture sellers, told Reuters.

“If retaliatory tariffs like those in the Trump era happened again, it would deal a blow to our businesses,” Jin said, adding the exports value of his company jumped 70% to 80% in July year-on-year.

Imports still tepid

After a shaky second quarter, most analysts had expected China’s import momentum to pick up modestly in the latter half of the year, supported by construction-related equipment and commodities as the government ramps up infrastructure spending.

But imports last month were again weaker than expected, suggesting domestic demand remains soft.

Imports rose 2.3% from a year earlier, compared with June’s 1% gain and missing a forecast for a 3.7% rise.

“Despite an uptick in domestic demand amid loosening COVID control measures, the weak performance of the production side dragged on imports,” said Xu Shuzheng, a researcher at CITIC Securities, adding that COVID-19 flare-ups may hinder the economy’s recovery.

Crude oil imports in July fell 9.5% from a year earlier as fuel demand recovered more slowly than expected due to fresh virus outbreaks.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-to-block-sale-of-chinese-phones-priced-below-150-report-504811">India to block sale of Chinese phones priced below $150: Report</a>

The volume of imported integrated circuits – a major Chinese import – dropped 19.6% in July from a year earlier, according to Reuters’ calculations.

 
That may be an additional red flag for exports, as a significant amount of the country’s imports are components for goods that are then re-exported.

China posted a record $101.26-billion trade surplus last month, well above the $90-billion surplus analysts had expected.

The country’s top economic planner said last week that the economy is in the “critical window” of stabilization and recovery, and the third quarter is “vital.”

Top leaders recently signaled they were prepared to miss the government growth target of around 5.5% for 2022, which analysts said had been looking increasingly unattainable after the economy narrowly avoided contracting in the second quarter.

The International Monetary Fund in late July sharply cut its 2022 growth forecast for China to 3.3% from 4.4% in April, citing COVID-19 lockdowns and the worsening crisis in the country’s property sector.

China’s export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as its struggles to recover from a COVID-19-induced slump, but weakening global demand could start to drag on shipments in coming months.

China’s export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as its struggles to recover from a COVID-19-induced slump, but weakening global demand could start to drag on shipments in coming months. Exports rose 18% in July from a year earlier, the fastest pace this year, official customs data showed on Sunday, August 7, compared with a 17.9% increase in June and beating analysts’ expectations for a 15% gain. Outbound shipments have been one of the few bright spots for the Chinese economy in 2022, as widespread lockdowns hit businesses and consumers hard and the once mighty property market lurches from crisis to crisis. “China’s export growth surprised again on the upside. [It] continues to help China’s economy in a difficult year as domestic demand remains sluggish,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management. However, many analysts have expected exports to fade as the global economy looks increasingly likely to be heading into a serious slowdown, weighed down by soaring prices and rising interest rates. A global factory survey released last week showed demand weakened in July, with orders and output indexes falling to their weakest levels since the onset of the COVID-19 pandemic in early 2020. Also read | Russia has wired nuclear power plant with explosives: Ukraine China’s official manufacturing survey indicated activity contracted last month, raising fears that the economy’s recovery from lockdowns in spring will be slower and bumpier than expected. But there were signs that transport and supply chain disruptions caused by COVID-19 restrictions were continuing to ease, just in time for shippers preparing for peak year-end shopping demand. Foreign trade container throughput at eight major Chinese ports rose 14.5% in July, speeding up from the 8.4% gain in June, according to data released by the domestic port association. Container throughput at the COVID-19-hit Shanghai port hit a record high last month. July exports may also have been buoyed by pent-up demand from Southeast Asia as supply snarls eased and factories there ramped up production, Bruce Pang, chief economist and head of research at Jones Lang Lasalle, said in a research note. Moreover, amid negative real interest rate and surging inflation, some European and US customers may have front-loaded orders to ensure they had goods on hand with lower costs, he added. Still, while export growth remained high, mainly backed by price factors, the volume of exported goods dropped in July, said Chang Ran, a senior analyst at Zhixin Investment Research Institute. “Looking ahead in the second half of the year, exports are expected to be resilient in the short run, but weakening external demand may pressure them in the fourth quarter,” Chang said. Chinese exporters are facing mounting headwinds, one company executive told Reuters. “I am very worried about the impacts of soaring US inflation and rising China-US tensions on our export orders,” Jin Chaofeng, general manager at Nicesoul, one of Amazon’s top rattan outdoor furniture sellers, told Reuters. “If retaliatory tariffs like those in the Trump era happened again, it would deal a blow to our businesses,” Jin said, adding the exports value of his company jumped 70% to 80% in July year-on-year. Imports still tepid After a shaky second quarter, most analysts had expected China’s import momentum to pick up modestly in the latter half of the year, supported by construction-related equipment and commodities as the government ramps up infrastructure spending. But imports last month were again weaker than expected, suggesting domestic demand remains soft. Imports rose 2.3% from a year earlier, compared with June’s 1% gain and missing a forecast for a 3.7% rise. “Despite an uptick in domestic demand amid loosening COVID control measures, the weak performance of the production side dragged on imports,” said Xu Shuzheng, a researcher at CITIC Securities, adding that COVID-19 flare-ups may hinder the economy’s recovery. Crude oil imports in July fell 9.5% from a year earlier as fuel demand recovered more slowly than expected due to fresh virus outbreaks. Also read | India to block sale of Chinese phones priced below $150: Report The volume of imported integrated circuits – a major Chinese import – dropped 19.6% in July from a year earlier, according to Reuters’ calculations. That may be an additional red flag for exports, as a significant amount of the country’s imports are components for goods that are then re-exported. China posted a record $101.26-billion trade surplus last month, well above the $90-billion surplus analysts had expected. The country’s top economic planner said last week that the economy is in the “critical window” of stabilization and recovery, and the third quarter is “vital.” Top leaders recently signaled they were prepared to miss the government growth target of around 5.5% for 2022, which analysts said had been looking increasingly unattainable after the economy narrowly avoided contracting in the second quarter. The International Monetary Fund in late July sharply cut its 2022 growth forecast for China to 3.3% from 4.4% in April, citing COVID-19 lockdowns and the worsening crisis in the country’s property sector.

China posts record $101 billion trade surplus but export boom could fade

In 2021, politically volatile global trade surplus of China has increased&nbsp;to $676.4 billion. &nbsp;&nbsp;

The milestone seems to be the highest ever recorded by any country. This comes as exports of the country jumped 29.9% over a year earlier even after facing semiconductor shortages, which disrupted manufacturing. &nbsp;

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On Friday, the customs data showed that the country's trade surplus in December swelled 20.8% over a year earlier to a monthly record of $94.4 billion. &nbsp;

A series of monthly export surpluses were piled up by China in 2021 but attracted less criticism from the trading partners than earlier as they were focused on containing the coronavirus infections. &nbsp;

Despite shortages of processor chips for smartphones and other products, the exports rose to $3.3 trillion in 2021. This happened as the global demand rebounded from the pandemic. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/who-is-christine-lee-spy-influence-peddler-for-china-or-champion-of-chinese-people-in-uk-444627" hreflang="en">Who is Christine Lee? Spy, influence peddler for China or&nbsp;champion of Chinese people in UK?</a>

In some areas, power rationing imposed by the government also troubled the manufacturers. &nbsp;

The imports of the country also rose 30.1% to $2.7 trillion in 2021. &nbsp;

In the second half of the year, economic growth weakened as the country carried out a campaign to reduce its high debt in the real estate industry. But the consumer spending was still above pre-pandemic levels. &nbsp;

(With inputs from agencies)&nbsp;

In 2021, politically volatile global trade surplus of China has increased to $676.4 billion. The milestone seems to be the highest ever recorded by any country. This comes as exports of the country jumped 29.

In 2021, politically volatile global trade surplus of China has increased to $676.4 billion. The milestone seems to be the highest ever recorded by any country. This comes as exports of the country jumped 29.9% over a year earlier even after facing semiconductor shortages, which disrupted manufacturing. Also Read: China attempting to infiltrate the UK Parliament, warns MI5; China says 'we have no need to buy influence' On Friday, the customs data showed that the country's trade surplus in December swelled 20.8% over a year earlier to a monthly record of $94.4 billion. A series of monthly export surpluses were piled up by China in 2021 but attracted less criticism from the trading partners than earlier as they were focused on containing the coronavirus infections. Despite shortages of processor chips for smartphones and other products, the exports rose to $3.3 trillion in 2021. This happened as the global demand rebounded from the pandemic. Also Read: Who is Christine Lee? Spy, influence peddler for China or champion of Chinese people in UK? In some areas, power rationing imposed by the government also troubled the manufacturers. The imports of the country also rose 30.1% to $2.7 trillion in 2021. In the second half of the year, economic growth weakened as the country carried out a campaign to reduce its high debt in the real estate industry. But the consumer spending was still above pre-pandemic levels. (With inputs from agencies)

Scaling new milestone? China's trade surplus reaches $676.4 billion in 2021

Brazil posted a trade surplus of $9.3 billion in May as record exports for that month helped fuel the second largest overall surplus ever. It is the second-highest on record following April's $10.3 billion surpluses.

World Business Watch: Brazil posts May trade surplus of $9.3 billion as exports hit historic high

Brazil posted a trade surplus of $1.2 billion in February, more than the consensus forecast in a poll for a $900 million surplus, but around half of the $2.3 billion surpluses in the same month last year.

World Business Watch: Brazil posts $1.2 billion trade surplus in February

China's trade of goods rose by 8.8 per cent year on year to 11.63 trillion yuan (about 1.82 trillion US dollars) in the first five months of 2018, according to official data from China's General Administration of Customs (GAC) released on Friday.

Exports of cargo trade rose by 5.5 per cent year on year to 6.14 trillion yuan (approx. 0.96 trillion US dollars) in the January-May period while imports grew by 12.6 per cent to 5.49 trillion yuan (approx. 0.86 trillion U.S. dollars).

The numbers resulted in a trade surplus of 649.8 billion yuan, which narrowed by 31 per cent when compared to the same period last year, according to the GAC.

"Since the beginning of this year, China’s imports and exports have continued along a healthy trend towards stable growth and maintained relatively fast growth in the first five months. Meanwhile, domestic demand has been growing and the country has actively expanded imports, so the trade surplus has narrowed, and trade of goods has moved towards a more balanced development," said Huang Songping, the director of the GAC Department of Statistics.

In the first five months, the European Union (EU) remained China's top trade partner, with trade volume between the two sides increasing by 7.3 per cent to 1.7 trillion yuan (approx. 265.3 billion U.S. dollars). That number is followed by that of the United States at 1.57 trillion yuan (approx. 245.0 billion US dollars) and then the Association of Southeast Asian Nations (ASEAN) at 1.49 trillion yuan (approx. 232.5 billion U.S. dollars).

China's trade with countries along the Belt and Road registered faster-than-average growth, with the trade volume standing at 3.21 trillion yuan, up 11.1 per cent from last year.

The numbers resulted in a trade surplus of 649.8 billion yuan, which narrowed by 31 per cent

China's trade of goods rose by 8.8 per cent year on year to 11.63 trillion yuan (about 1.82 trillion US dollars) in the first five months of 2018, according to official data from China's General Administration of Customs (GAC) released on Friday. Exports of cargo trade rose by 5.5 per cent year on year to 6.14 trillion yuan (approx. 0.96 trillion US dollars) in the January-May period while imports grew by 12.6 per cent to 5.49 trillion yuan (approx. 0.86 trillion U.S. dollars). The numbers resulted in a trade surplus of 649.8 billion yuan, which narrowed by 31 per cent when compared to the same period last year, according to the GAC. "Since the beginning of this year, China’s imports and exports have continued along a healthy trend towards stable growth and maintained relatively fast growth in the first five months. Meanwhile, domestic demand has been growing and the country has actively expanded imports, so the trade surplus has narrowed, and trade of goods has moved towards a more balanced development," said Huang Songping, the director of the GAC Department of Statistics. In the first five months, the European Union (EU) remained China's top trade partner, with trade volume between the two sides increasing by 7.3 per cent to 1.7 trillion yuan (approx. 265.3 billion U.S. dollars). That number is followed by that of the United States at 1.57 trillion yuan (approx. 245.0 billion US dollars) and then the Association of Southeast Asian Nations (ASEAN) at 1.49 trillion yuan (approx. 232.5 billion U.S. dollars). China's trade with countries along the Belt and Road registered faster-than-average growth, with the trade volume standing at 3.21 trillion yuan, up 11.1 per cent from last year.

China's foreign trade up 8.8 % in first five months

China's trade surplus with the United States widened to $22.19 billion in April, from $15.43 billion in March, customs data showed on Tuesday.

For January-April, China's trade surplus with the United States was $80.4 billion.

The world's two largest economies have threatened each other with tens of billions of dollars' worth of tariffs in recent months, leading to worries that Washington and Beijing may engage in a full-scale trade war that could damage global growth and roil markets.

The Trump administration has drawn a hard line in trade talks, demanding a $200 billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies.

For January-April, China's trade surplus with the United States was $80.4 billion

China's trade surplus with the United States widened to $22.19 billion in April, from $15.43 billion in March, customs data showed on Tuesday. For January-April, China's trade surplus with the United States was $80.4 billion. The world's two largest economies have threatened each other with tens of billions of dollars' worth of tariffs in recent months, leading to worries that Washington and Beijing may engage in a full-scale trade war that could damage global growth and roil markets. The Trump administration has drawn a hard line in trade talks, demanding a $200 billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies.

China's trade surplus with US widens to $22.19 billion in April

China's exports growth unexpectedly fell in March, the first drop since February last year, raising questions about the health of one of the economy's key growth drivers even as trade tensions rapidly escalate with the United States.

March import growth beat expectations, however, suggesting its domestic demand may still be solid enough to cushion the blow from any trade shocks. That left China with a rare trade deficit for the month, also the first drop since last February.

The latest readings on the health of China's trade sector follow weeks of tit-for-tat tariff threats by Washington and Beijing, sparked by US&nbspfrustration with China's massive bilateral trade surplus and intellectual property policies, that have fueled fears of a global trade war.

China's March exports fell 2.7 percent from a year earlier, lagging analysts' forecasts for a 10.0 per cent increase, and down from a sharper-than-expected 44.5 per cent jump in February, which economists believe was heavily distorted by seasonal factors.

For the first quarter as a whole, however, exports still grew a hearty 14.1 per cent.

Some analysts had expected a pullback in March exports following an unusually strong start to the year, when firms stepped up shipments before the long Lunar New Year holiday in mid-February. That scenario did not alter their view that global demand remains robust.

But a stronger currency could also be starting to erode Chinese exporters' competitiveness. The yuan appreciated around 3.7 per cent against the US&nbspdollar in the first quarter this year, on top of a 6.6 per cent gain last year.

No hard timeline has been set by either Washington or Beijing for the actual imposition of tariffs, which leaves the door open to negotiations and a possible compromise which could limit the damage to both sides and other trade-reliant economies.

But analysts said the trade threats may already be having an impact on exporters' activity.

With the threat of tariffs hanging over nearly a third of China's exports to the United States, economists at Nomura say its companies may have front-loaded shipments early this year before any measures kick in.

China's exports to the US&nbsprose 14.8 per cent in the first quarter from a year earlier, while imports rose 8.9 per cent.

That sent its quarterly trade surplus with the US&nbspsurging 19.4 per cent to $58.25 billion, though the March reading narrowed to $15.43 billion from $20.96 billion in February.

China's total aluminium exports in March rose to their highest since June, just as the United States imposed tariffs on imports of the metal and steel on March 23.

"We believe export growth will slow due to yuan appreciation and rising trade tensions. But the solid global growth outlook may provide some buffer. China’s import could be more resilient than export growth in our view as China has pledged to increase imports," said Lisheng Wang, an economist at Nomura in Hong Kong.

China's overall March imports grew 14.4 per cent from a year ago, beating analysts' forecast for 10.0 per cent growth, and compared with 6.3 per cent growth in February.

That produced a trade deficit of $4.98 billion for the month, but such shortfalls are not uncommon for China early in the year, likely due to seasonal factors.

For Jan-March, imports rose a strong 18.9 per cent on-year.

Analysts expected China would record a trade surplus of $27.21 billion for last month, from February's surplus of $33.75 billion.

Imports of commodities continued to lead the way in March, with shipments of copper, crude oil, iron ore and soybeans all rising from the previous month.

China's exports rode a global trade boom last year, expanding at the fastest pace since 2013 and serving as one of the key drivers behind the economy's forecast-beating expansion.

But the sudden spike in trade tensions with the United States is clouding the outlook for both China's "old economy" heavy industries and "new economy" tech firms.

Washington says China's $375 billion trade surplus with the United States is unacceptable, and has demanded Beijing reduce it by $100 billion immediately.

In a move to further force China to lower the billions of goods trade surplus running with the US, Trump unveiled tariff representing about $50 billion of technology, transport and medical products early this month, drawing an immediate threat of retaliatory action from Beijing.

China's tech sector, which is key part of Beijing's longer-term "Made in China 2025" strategy to move from cheap goods to higher-value manufacturing, may be particularly vulnerable.

Hi-tech products have been among its fastest growing export segments. China exported $137.8 billion worth of high-tech products in the first quarter, up 20.5 per cent on-year.

March import growth beat expectations, however, suggesting its domestic demand may still be solid enough to cushion the blow from any trade shocks.

China's exports growth unexpectedly fell in March, the first drop since February last year, raising questions about the health of one of the economy's key growth drivers even as trade tensions rapidly escalate with the United States. March import growth beat expectations, however, suggesting its domestic demand may still be solid enough to cushion the blow from any trade shocks. That left China with a rare trade deficit for the month, also the first drop since last February. The latest readings on the health of China's trade sector follow weeks of tit-for-tat tariff threats by Washington and Beijing, sparked by US&nbspfrustration with China's massive bilateral trade surplus and intellectual property policies, that have fueled fears of a global trade war. China's March exports fell 2.7 percent from a year earlier, lagging analysts' forecasts for a 10.0 per cent increase, and down from a sharper-than-expected 44.5 per cent jump in February, which economists believe was heavily distorted by seasonal factors. For the first quarter as a whole, however, exports still grew a hearty 14.1 per cent. Some analysts had expected a pullback in March exports following an unusually strong start to the year, when firms stepped up shipments before the long Lunar New Year holiday in mid-February. That scenario did not alter their view that global demand remains robust. But a stronger currency could also be starting to erode Chinese exporters' competitiveness. The yuan appreciated around 3.7 per cent against the US&nbspdollar in the first quarter this year, on top of a 6.6 per cent gain last year. No hard timeline has been set by either Washington or Beijing for the actual imposition of tariffs, which leaves the door open to negotiations and a possible compromise which could limit the damage to both sides and other trade-reliant economies. But analysts said the trade threats may already be having an impact on exporters' activity. With the threat of tariffs hanging over nearly a third of China's exports to the United States, economists at Nomura say its companies may have front-loaded shipments early this year before any measures kick in. China's exports to the US&nbsprose 14.8 per cent in the first quarter from a year earlier, while imports rose 8.9 per cent. That sent its quarterly trade surplus with the US&nbspsurging 19.4 per cent to $58.25 billion, though the March reading narrowed to $15.43 billion from $20.96 billion in February. China's total aluminium exports in March rose to their highest since June, just as the United States imposed tariffs on imports of the metal and steel on March 23. "We believe export growth will slow due to yuan appreciation and rising trade tensions. But the solid global growth outlook may provide some buffer. China’s import could be more resilient than export growth in our view as China has pledged to increase imports," said Lisheng Wang, an economist at Nomura in Hong Kong. China's overall March imports grew 14.4 per cent from a year ago, beating analysts' forecast for 10.0 per cent growth, and compared with 6.3 per cent growth in February. That produced a trade deficit of $4.98 billion for the month, but such shortfalls are not uncommon for China early in the year, likely due to seasonal factors. For Jan-March, imports rose a strong 18.9 per cent on-year. Analysts expected China would record a trade surplus of $27.21 billion for last month, from February's surplus of $33.75 billion. Imports of commodities continued to lead the way in March, with shipments of copper, crude oil, iron ore and soybeans all rising from the previous month. China's exports rode a global trade boom last year, expanding at the fastest pace since 2013 and serving as one of the key drivers behind the economy's forecast-beating expansion. But the sudden spike in trade tensions with the United States is clouding the outlook for both China's "old economy" heavy industries and "new economy" tech firms. Washington says China's $375 billion trade surplus with the United States is unacceptable, and has demanded Beijing reduce it by $100 billion immediately. In a move to further force China to lower the billions of goods trade surplus running with the US, Trump unveiled tariff representing about $50 billion of technology, transport and medical products early this month, drawing an immediate threat of retaliatory action from Beijing. China's tech sector, which is key part of Beijing's longer-term "Made in China 2025" strategy to move from cheap goods to higher-value manufacturing, may be particularly vulnerable. Hi-tech products have been among its fastest growing export segments. China exported $137.8 billion worth of high-tech products in the first quarter, up 20.5 per cent on-year.

China's first-quarter trade surplus with US surge

trade-surplus

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