Published: Wed, September 11, 2019
Global News | By Blake Casey

China August Soybean Imports Jump Nearly 10%

China August Soybean Imports Jump Nearly 10%

On September 1, the USA imposed a 15% levy on more than $125 billion in Chinese imports including smart speakers, Bluetooth headphones, books, babies' nappies and many types of footwear.

China has imposed or announced penalties on an estimated $US120 billion of U.S. imports.

Aside from that, followed by Sunday's (September 8th) China data which unleashed further upheaval on China's economy which had been scuffling to grapple with a basket of baleful turn of events on its trade dispute with United States, several analysts were pointing towards further weakness in the second-largest economy of the world, while some of them had underscored a more pressing requirement of monetary stimulus to smoothen up the nation's domestic financing amid growing obstacles in the wake of an escalated Sino-US trade dispute. Imports dropped 5.6 percent year-on-year, slightly less than an expected 6 percent fall and unchanged from July's 5.6 percent decline.

Sunday's data also showed China's imports shrank for the fourth consecutive month since April.

Sluggish domestic demand was likely the main factor in the decline, along with softening global commodity prices.

China's global trade surplus rose 25 per cent from a year earlier and exports to the European Union rose three per cent from a year earlier.

The weak growth represents a slowdown of 12.6 percentage points from that experienced by Chinese trade in the same month previous year.

China's global exports took a 3 percent hit to $214.8 billion, with imports climbing a modest 1.7 percent at $180 billion. Analysts had forecast a surplus of $43-B for August.

A rare full Harvest Moon expected for this coming Friday the 13th
While most moons rise approximately 50 minutes after sunset, the harvest moon can appear as soon as 10 minutes after the sun sets. The United States hasn't had a Friday the 13th full moon since October 13, 2000 - and the next won't occur until August 13, 2049.

China reported a trade surplus of $34.84bn last month, compared with a $45.06bn surplus in July.

US President Donald Trump (L) and China's President Xi Jinping leave a business leaders event at the Great Hall of the People in Beijing.

But there was no indication any planned tariffs on Chinese goods would be halted and markets expect a lasting peace between the two countries is more elusive than before. That hurts efforts to find markets to replace the United States.

China said on September 5 that new talks with the United States would be held in Washington in early October.

China's trade surplus with the United States stood at US$26.95-billion in August, narrowing from July's US$27.97-billion.

The two sides have agreed to hold further discussions in Washington in early October, later than expected.

"The global economy is approaching the turning point of a recession, and external demand will for sure become worse and worse", said Steven Zhang (章俊), chief economist and head of research at Morgan Stanley Huaxin Securities Co Ltd (摩根士丹利華鑫證券).

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