World

China's Sept imports from N.Korea down 37.9% as United Nations sanctions bite

China's Sept imports from N.Korea down 37.9% as United Nations sanctions bite

China's falling imports from the North may provide some salve to the Trump administration, as China's trade surplus with the USA ballooned further last month.

In renminbi terms, exports advanced 9% and imports grew 19.5% in September.

The surplus with the United States reached 28.1 billion in September, up from 24.9 billion in September of a year ago.

It is good news for President Xi who is expected to secure a second five-year term as general secretary of the Communist Party during its twice-a-decade congress, which opens on Wednesday. The surge in imports shows demand in China is strong.

In addition to pointing to buoyant demand, some of the surge in September imports may have been due to companies "front loading" supplies ahead of a week-long national holiday in early October, analysts said.

Demand for Chinese products has proven robust as growth in major trading partners holds up, though this trade report also gets a boost from a comparison with a low base a year ago.




China's trade with North Korea slumped in September, amid United Nations sanctions aimed at deterring Kim Jong Un from pursuing his missile and nuclear-weapons program.

"Today's figures suggest that not only has strong foreign demand continued to prop up manufacturing activity in China but domestic demand remains resilient too", Julian Evans- Pritchard, China Economist at Capital Economics wrote in a note. The surplus grew to $28.08 billion from $26.23 billion in August. Imports rose 18.7 percent to $169.8 billion, an improvement from the previous month's 13.3 percent.

That could aggravate President Donald Trump's frequent complaints that the trade balance between the two nations hurts the US economy. The customs agency said it will publish details its trade in specific products with North Korea on Oct 23.

China's exports have now grown for seven consecutive months.

China accounts for roughly 85 per cent of North Korea's external trade and is seen by many as the key to forcing Pyongyang to at least freeze its nuclear and missile programmes.

With the European Union, China's exports rose 10.4 percent and imports 30.9 percent.


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