China's 2017 iron ore imports hit record high

China's 2017 iron ore imports hit record high

China's 2017 iron ore imports hit record high

Specifically, China's exports to Taiwan were valued at 297.9 billion yuan in 2017, while its imports were 1.05 trillion yuan, an annual growth of 12.2 percent and 14.5 percent, respectively, the data indicated.

"Export prospects remain solid, given our outlook for growth globally, although more forceful US trade restrictions on China's exports remain a key risk, following another rise in the U.S.' bilateral trade deficit in 2017", he said. Russian Federation estimated in 2016 that the annual trade flows between the two world powers were at $66.1 billion.

Bilateral trade with North Korea took a dramatic turn in 2017, with North Korean imports down 81.6 percent, totaling $54.34 million, according to Chinese data.

China's exports for the full year rose 7.9 percent, the fastest rate since 2013, while imports gained 15.9 percent, the best since 2011.

The trade deficit with China is the U.S.'s largest with any trading partner and 2017's is the biggest with China in the almost five decades for which records exist.

Trump campaigned on a promise to get tough on Chinese trade practices, but he pulled his punches previous year.

China's imports from North Korea plunged in December to their lowest level in dollar terms since at least the start of 2014, with trade curbed by United Nations sanctions aimed at persuading Pyongyang to abandon its ballistic missile and nuclear weapons programs. "Appetite for imported iron ore from Chinese steel mills remains strong".

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Chinese officials have threatened retaliation for any US penalties in closed-door meetings with American officials and companies.

ANZ analyst Betty Wang said that even though a broad-based bilateral trade war is "highly unlikely" in 2018, it is possible that the US will take "unilateral actions on Chinese exports in specific sectors".

Huang Songping, a commerce ministry spokesman, said the numbers reflect the "mild recovery of the world economy a year ago".

The "continued strength of China's exports to the U.S.is bound to add to U.S".

"Uncertainty surrounding Sino-U.S. trade ties might be a key potential downside risk in the near term", she wrote in a report. Imports grew 4.5% year-on-year in the month to $177.1 billion, slowing from a rise of 17.7% in November and the lowest reading in a year, according to the customs data.

"Export growth declined slightly last month but remained healthy".

Other data from the Chinese government indicate substantial improvement in growth from 2016.

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