China's exports to the United States plunged in January and February as President Donald Trump's punitive tariffs chilled demand, while sales to the rest of the world also weakened.
Exports to the United States, China's biggest trading partner, fell 14.1 per cent from a year earlier to $52.3 billion in the first two months of 2019, customs data showed Friday. Analysts usually look at the first two months of the year together to screen out the effect of the Lunar New Year holiday, when factories close for up to two weeks.The trade slump has added to pressure on Chinese leaders to make peace with Washington in their tariff fight over Beijing's technology ambitions.
Sales to the United States had kept growing by double digits through most of 2018 despite Trump's tariff hikes starting in July as exporters rushed to fill orders. But they started to slide in December once the full impact of the penalties hit.Washington and Beijing say negotiations are making progress after Trump postponed another planned tariff hike March 1. But forecasters say even if they reach an agreement, this year's Chinese exports will be lacklustre.
A truce with Trump would help exports, but "tensions on technology and China's industrial policy are unlikely to subside any time soon," Kuijs said. "The survival of the agreement will remain dependent on political judgments in Washington." In the same period, exports to the 28-nation European Union rose 2.4 per cent from a year earlier to $64.7 billion. China's trade surplus with Europe was $21.9 billion.
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