BEIJING - China’s exports rose for the first time in five months in December and by more than expected, signaling a modest recovery in demand as Beijing and Washington agreed to defuse their prolonged trade war.
Imports also beat expectations, jumping 16.3% from a year earlier, though boosted in part by higher commodity prices. The Reuters poll had forecast 9.6% growth versus 0.5% in November. Imports fell 2.8% last year as China’s economic growth cooled to near 30-year lows, after rising 15.8% in 2018.China’s better-than-expected trade numbers come amid a flurry of trust-building gestures from both sides ahead of the signing of the Phase 1 deal.
China’s trade surplus with the United States for December stood at $23.18 billion, according to Reuters calculations based on customs data, down from November’s surplus of $24.60 billion. But companies remain cautious. U.S. tariffs on $370 billion worth of Chinese imports will remain in place, and memories are fresh of a breakdown in an apparent deal last May which triggered a series of series of tit-for-tat tariff escalations.
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