- Title: China Sept exports, imports in deeper contraction as tariffs bite
- Date: 14th October 2019
- Summary: BEIJING, CHINA (OCTOBER 14, 2019) (REUTERS) CHINESE GENERAL ADMINISTRATION CUSTOMS SPOKESMAN LI KUIWEN WALKING ONTO STAGE FOR NEWS CONFERENCE MEDIA SITTING (SOUNDBITE) (Mandarin) GENERAL ADMINISTRATION CUSTOMS SPOKESMAN LI KUIWEN, SAYING: "In September, China's total import and export value was 2.78 trillion yuan, a decrease of 3.3%. Among them, exports were 1.53 trillion yuan, a decrease of 0.7%. Imports reached 1.25 trillion yuan, a decrease of 6.2%." MEDIA FILMING (SOUNDBITE) (Mandarin) GENERAL ADMINISTRATION CUSTOMS SPOKESMAN LI KUIWEN, SAYING: "It should be said that Sino-US economic and trade frictions have brought certain pressures on China's foreign trade. However, despite the decline in bilateral trade between China and the United States, the overall import and export of China's foreign trade continued to grow in the first three quarters of this year. The world is still highly optimistic about the potential of the Chinese market." MEDIA SITTING (SOUNDBITE) (Mandarin) GENERAL ADMINISTRATION CUSTOMS SPOKESMAN LI KUIWEN, SAYING: "We've made some pragmatic progress in some areas. Both sides discussed schedules of following negotiations and consultations. And also agreed to make joint efforts to reach to a final agreement. We believe this will have a good impact on expanding China-US trade. We are closely watching with relevant departments in terms of the next step." NEWS CONFERENCE IN PROGRESS
- Embargoed: 28th October 2019 06:30
- Keywords: China import and export data trade economy
- Location: BEIJING, CHINA
- City: BEIJING, CHINA
- Country: China
- Topics: Government/Politics,International Trade
- Reuters ID: LVA001B12HNPJ
- Aspect Ratio: 16:9
- Story Text:China's exports fell at a faster pace in September while imports contracted for a fifth straight month, pointing to further weakness in the economy and underlining the need for more stimulus as the Sino-U.S. trade war drags on.
China's exports in September fell 3.2% from a year earlier, customs data showed on Monday (October 14), hurt by the intensifying Sino-U.S. trade war and weakening global demand.
The downbeat data is likely to reinforce expectations that Beijing needs to introduce more stimulus measures to avert a sharper economic downturn, despite tentative signs of a thaw in tense trade relations between the world's top economies.
Following talks last week, U.S. President Donald Trump on Friday (October 11) outlined the first phase of a deal to end the trade war and suspended a threatened tariff hike set for Oct. 15. But existing tariffs remain in place and officials on both sides said much more work is needed before an accord could be agreed.
(Production: Fang Nanlin, Thomas Suen, Wang Shubing)
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