Trade surplus of China in may 2020 was a record high — $62.9 billion, said yesterday, China customs. The increase was due to restricted exports to fall by 3.3% — with a sharp compression of imports by 16.7%. Import from Russia since the beginning of the year fell by only 2.1%, but in may, the decline was markedly increased — balance of trade became negative for RF.China’s exports in may declined again by 3.3%, to $206,8 billion, compared with the same period last year, while imports shrank considerably stronger — by 16.7%, to $143.9 billion, the surplus in trade increased to a record high $62.9 billion ($45,34 billion in April), including the United States — up to $27.9 billion ($22.8 billion in April), said yesterday, China customs. In April, the volume of trade had time to recover, exports showed an increase of 3.5% year-on-year, but this effect was short-lived. While such a sharp fall in imports is due to reduction of supply of components for re-export, pointing ING.While with Russia, according to Chinese customs statistics, trade in this period decreased by 4.3%: China’s exports to Russia fell by 7.3%, to $16.9 billion, import from Russia — by 2.1%, to $23.9 billion (in may, the turnover amounted to $of 7.36 billion, exports to Russia reached $3.8 billion, imports from Russia $3.57 billion; for comparison, in may 2019, imports from Russia amounted to $5,34 billion, export — $3,79 billion). The fall in import deliveries is mainly due to the decrease in the cost of energy is the growth of physical volumes of import of oil in China as a whole has accelerated in may to 19.2% by may 2019.With the United States, China’s trade turnover in the first five months of this year decreased by 12.7% in annual terms, to $183,62 bn it follows from the statistics, China’s exports to the US fell by 14.3%, to $137.6 billion, the Import of American products in China fell 7.6%, to $46,02 billion At the end of the last year the volume of trade with the United States fell by 14.6% (including export from China — by 12.5%, import from USA — 20.9%).Recall, as previously reported (see “Kommersant” on June 2), in late may, Chinese state-owned companies have been instructed to stop purchasing pork and soybeans from the United States in the first phase of a trade transaction between the two countries. The reason was Washington’s measures in connection with the adoption of the Chinese national people’s Congress (the highest legislative body of the PRC) resolution on development of national security law in Hong Kong. Then U.S. President Donald trump announced that the United States will deprive Hong Kong’s privileged status and economic benefits, as because of the actions of Beijing, he ceased to be a separate part of China.By its terms China needs to increase the volume of purchases in exchange for Washington’s refusal of the introduction of the latest round of duties, and reduced by half (to 7.5%) tariff on Chinese imports in the amount of $112 billion China has promised to significantly — no less than $200 billion — to increase imports from the US in the nes two years compared to the level in 2017 (when the supply of goods amounted to only $130 billion, services $56 billion) in the first place it provides for an increase in energy imports worth $50 billion over two years, engineering products for $80 billion, services of $35 billion, agricultural products at $32 billion thus, according to the U.S. Department of agriculture, in the first quarter, China bought soybeans at $1 billion, pork by $691 million At the same time the us economy shows signs of faster than-expected recovery in may, had created 2.5 million new jobs. “This means that in the middle of the month hiring exceeded the number of layoffs,” indicate at Capital Economics. Recovery of employment, in turn, will support the increasing demand.Tatiana Edovina
