In the last month of 2018 China’s trade surplus rose to 395 billion yuan from 306 billion in November. Though exports fell 4.4 per cent, imports fell by 7.6 per cent annualised in the month to December. Both these figures were a lot lower than the market had expected and shows how sensitive China trade is to the sanctions imposed on the 1st of this month. For the year as a whole, the surplus with the US set a new record high of $323 billion as US importers front-loaded orders ahead of the imposition of sanctions.
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