China posted a record high trade surplus of more than $101 billion, Bloomberg reported. The trade surplus was driven upwards by rising exports, which climbed above the projected level of 14.1%.
According to China’s General Administration of Customs, the country’s trade surplus rose to $101.26 billion in July, an 81.5% increase from a year earlier. China’s trade surplus jumped to the highest level since 1987.
Customs statistics show the total import and export value increased by 11% and stood at $564.66 billion. Exports went up by 18% to $332.96 billion, while imports grew by 2% to $231.7 billion.
Rising exports, which exceeded the expected 14.1% increase in line with Bloomberg’s forecasts, were the main driver for the trade surplus, analysts say.
“China’s export growth surprised again on the upside. It continues to help China’s economy in a difficult year as domestic demand remains sluggish,” Zhiwei Zhang, chief economist at Pinpoint Asset Management said. Exports fuelled Chinese economic growth during the COVID-19 pandemic. However, they are unlikely to help the country’s economy now, as numerous countries face soaring inflation.
The International Monetary Fund (IMF) expects Chinese economic growth to slow down amid new outbreaks of COVID-19 and the resulting lockdowns. The ripple effects of the conflict between Russia and Ukraine are also likely to weigh down on the Chinese economy. The IMF sees the country’s economy climb by 3.3% by the end of 2022, below its April’s forecast of 4.4%.
Emerging signs of a slowdown in the US, China, and the EU, the world’s three key economies, are threatening global economic growth. The IMF has slashed its global GDP growth outlook to 3.2% from 3.6% projected in April.
Russia no longer China’s top oil supplier
Russia is no longer the top supplier of crude oil to China, the latest data from China’s General Administration of Customs indicates. Despite a large discount offered by Russia and friendly relations between the two countries, it was overtaken by Saudi Arabia as the leading supplier of crude. According to statistical data, Russia exported 8.
16:34 2022-09-30 UTC+00
Largest wave of debt may drown global economy
Economists raise concerns that the US dollar's strengthening causes a threat to the global economy. USD is holding higher ground while its satellite currencies are losing grip. The world is likely to witness a new economic order that shapes its beneficiaries and losers.
15:11 2022-09-30 UTC+00
Crypto market to be gripped by bearish sentiment
According to analysts at Fairlead Strategies, the bearish trend in the crypto market may persist if bitcoin dives below $20,000.If so, BTC may slide down to the support level of $13,900, Kathy Stockton, the Founder and Managing Partner of Fairlead Strategies, said. Judging by forecasts, the short-term momentum of the crypto market has changed from bullish to bearish.
14:38 2022-09-30 UTC+00
Chancellor Kwarteng unveils new economic plan for UK
On September 26, UK Chancellor of the Exchequer Kwasi Kwarteng announced a new stimulus plan to support the economy. The presented fiscal plan sets out a new approach to the UK economy based on three main priorities: reforming the supply side of the economy, maintaining a responsible approach to public finance, and cutting taxes to boost economic growth.
13:52 2022-09-30 UTC+00
Energy scramble in Europe to intensify
Experts at US-based publication OilPrice assume that reduced energy supplies amid tougher anti-Russian sanctions and halted gas supplies via Europe's key routes will provoke the bloc's desperate fight to solve its energy crisis. OilPrice is sure this will lead to fierce competition between European Union countries, which is likely to continue after the winter of 2022-2023.
13:41 2022-09-30 UTC+00
IMF: global economy in distress
According to the International Monetary Fund’s gloomy forecast, global economic growth could slow down to 3.6% through 2022/23. The IMF downgraded its forecast due to escalating geopolitical jitters. The IMF’s experts suppose that economic output in some European countries will turn negative.
12:53 2022-09-30 UTC+00