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China's exports rise at the slowest pace in 3 years

China exports rise at the slowest pace in 3 years

China's exports rose at the lowest pace in three years in 2019, driven by negative effects of trade tensions with the United States, as well as a slowdown in global economic growth.

According to data released on Tuesday by the General Administration of Customs, China's overseas sales grew by 0.5 percent in 2019, up from 9.9 percent a year earlier.

In December alone, China's dollar denominated exports grew by 7.6 percent year-on-year, compared to a 1.3 percent drop in November, while imports rose by 16.3 percent.

Analysts had expected that Chinese exports a rise by 3.2 percent and an increase by 9.6 percent in imports.

China's trade surplus in December was $46.79 billion, compared to forecasts of $48 billion.

Looking at China's trade surplus with the United States last month, it retreated to $23.18 billion from $24.6 billion the previous month.

It is worth noting that China's imports fell 2.8 percent last year, as in the last 12 months to December, while the trade surplus was $4.21 trillion.

Last year's reading on the volume of Chinese exports in US dollars was the lowest annual growth rate since 2016.

Meanwhile, the Chinese yuan rose by 0.1 percent to $6.8841, after reaching 6.8820 yuan per dollar, which is considered the highest level since July.

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