Published: Sun, February 12, 2017
Markets | By Armando Jensen

Russia-China Trade Turnover Up 34% in January 2017

Russia-China Trade Turnover Up 34% in January 2017

Weighed on by trade remedies, China's full-year exports in 2016 fell 2 percent in yuan-denominated terms, and imports added slightly by 0.6 percent, customs data showed.

China's overseas shipments rebounded on stronger global demand, putting the nation's external sector on a firmer footing as it braces for potential trade frictions with the USA under Donald Trump's presidency.

Exports rose to $182.8 billion in January, Customs said, beating the 3.2 percent forecast in a Bloomberg News survey of economists and a reversal from December's 6.1 percent plunge.

The preliminary figures mark a reversal of December's downward trend when the GAC reported that exports had fallen 6.1 per cent.

Analysts say the trade surplus was boosted by the Chinese New Year holiday, which fell on January 28, 11 days earlier than last year. China's exports to Russian Federation grew 29.5 percent, reaching $3.41 billion, while imports from Russian Federation increased by 39.3 percent - up to $3.14 billion.

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Iron ore imports were the second highest on record, and crude oil imports were the third highest ever.

China's manufacturing sector has expanded for the sixth month in a row, with the country's manufacturing Purchasing Managers' Index coming in at 51.3 in January, according to National Bureau of Statistics data. The low base a year ago might partially explain the solid recovery in imports, but it is also likely related to the still strong investment in the property market.

"The growing imports were also attributed to this year's Spring Festival, which arrived earlier than last year", said Xu Yang, an analyst at Sinolink Securities.

The United States is close to slapping duties on imports of stainless steel from China after having issued a final determination this month that the products were being subsidized and dumped in the USA market at below fair value. China's import from Russian Federation surged 39.3% to $3.1 bln.

China's crude imports are expected to soften in the first half of 2017, BMI research said.

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