23 June 2017
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  • » 01/13/2017, 13.24

    CHINA

    As Chinese exports drop in December, all eyes are on Trump



    In 2016, Chinese exports fell by 7.7 per cent, the worst decline since 2009. With Trump’s victory, the yuan weakened to its lowest level since 2009.

    Beijing (AsiaNews) – China's exports slumped more than expected in December as global trade remained sluggish. Imports also cooled.

    Overall, exports dropped by 6.1 percent on-year, against a 0.1 per cent increase in the previous month.

    December's trade balance stood at US$ 40.82 billion, compared to US$ 44.61 billion in November.

    Last year, exports declined by 7.7 per cent on-year, the worst drop since 2009, according to Reuters. Imports declined as well, by 5.5 per cent.

    Still, the world's second-largest economy was left with a 2016 trade surplus of US$ 509.96 billion.

    However, rising costs and weakening advantages in low-end sectors will hinder China's foreign trade performance this year.

    Following Donald Trump's election, the yuan dropped to its lowest level since January 2009, amid renewed strength in the dollar.

    A weaker currency makes Chinese products more attractive in overseas markets, and the recent plunge helped explain November's strong export performance.

    Yet, for Reuters if Trump unveils protectionist measures, China's export growth will be limited.

    Regardless, global protectionism is on the rise and will enhance trade risks.

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