Posted on 03/07/2019 7:53:52 PM PST by NRx
China on Friday reported worse than expected trade data for the month of February, customs data showed amid Beijing's trade dispute with the U.S.
Dollar-denominated exports fell 20.7 percent for the month of February from a year ago, missing economists' expectations of a 4.8 percent decline, according to a Reuters poll. January exports rose 9.1 percent from a year ago.
Dollar-denominated imports fell 5.2 percent in February from a year ago, missing economists' forecast of a 1.4 percent fall. January imports fell 1.5 percent on-year.
China's February trade balance was also weaker than expected at $4.12 billion. Economists polled by Reuters had expected trade balance to come in at $26.38 billion. Trade balance in January was $39.16 billion.
China is currently in the midst of a two-week long annual parliamentary meeting, the National People's Congress, which kicked off on Tuesday and ends next Friday (Mar. 5-15).
At the opening of that meeting this week, Premier Li Keqiang said the Chinese economy will likely slow this year, and revealed that the official economic growth target for 2019 will be 6.0 to 6.5 percent. That compares to an expansion of 6.6 percent in 2018 — its slowest growth since 1990.
(Excerpt) Read more at cnbc.com ...
China hurting is certain.
Probably all, but not as surely as China.
Yet, that’s the narrative the media pushes.
Maybe if the Mainland Reds sat on the NORKS to give it up, Trump might relent on some tariffs.
The US economy is rocking.
I get more folks on LinkedIn interested in me in one week than I used to get in a whole year when obummer was in office.
That’s the truth.
All I have is graphics and presentation skills, so I don’t have some high end, lack of qualified people skills.
But I am still getting inundated for a while now.
obummer was the longest job drought in a long time.
Wow, these February numbers are a pretty dramatic downturn for the Chinese economy.
Tariffs, and the threat of more tariffs, seem to have scared people off to new suppliers. China is not the only place in the world to make things.
Trump correct again.
“The US economy is rocking. I get more folks on LinkedIn interested in me in one week than I used to get in a whole year when obummer was in office.”
my own business hasn’t been this good since right before the Bush crash followed by the 8-year obama recession ...
Maybe this is a factor in why the next round of (larger) tariffs Was delayed from January, and again in March - they are just not needed to crater the Chinese economy (at least their important export industries).
If the earlier tariffs have this much impact, the bigger packages might be so big that many unforeseeable secondary effects might occur. Or maybe they can foresee such serious effects, that they are capitulating to avoid them.
nice chart!
Understand all these numbers are lies.
The reason these numbers are lies is because Communist officials have admitted they will always inflate any numbers they present to their superiors.
It’s so bad that even the Finance Ministry admit they don’t receive real numbers and have to extrapolate the data from secondary sources.
So if the reported numbers are bad....Then the real numbers are disastrous.
Thanks. Just saw it on James Woods twitter feed and thought it was something I ought to bookmark. Didn’t take long to find a use for it. :)
“if the reported numbers are bad....Then the real numbers are disastrous.”
The officially reported GDP growth for 2018 (6.6%) was the lowest since 1990.
One witty meme on the Chinese Internet is: 2018 may be the worst year in a decade, but it will be the best year of the next decade.
It looked like the Arabs were taking over the world in the 1970s, the Japanese in the 1980s, the Americans in the 1990s, and the Chinese since. These cycles run their course after a while.
The Chinese economy could be in for a long, hard time, if history continues as it has. The debt, fraud and imbalances are even larger than normal with the China Bubble.
Man, I wish I could say the same for my home improvement business. Our gross income was off by 50% in 2018. It's the first time our annual income stat has dropped since 2009.
2019 is also shaping up to be a down year for us, unless something causes consumer demand for our services to rise. All I can figure is that my industry is suffering because of the slowdown in new and existing home sales.
Those contracts are starting to run out.
Just wanted to mention, the year-end total for China/American trade is just in...
It is the worst EVER.
Not just the worst recently. Not just the worst between the US and China. It is the worst, EVER. Anywhere. Between any two countries. Throughout all human history.
Trump, you need to do something.
Our country is being sold out.
Bigtime.
That is a sector that has slowed down after I think a furious run the past several years.
I am not sure about that and you would know better than me.
I am sorry about your business.
50 percent is a big number and I hope it turns around for you very soon.
The experts, for whatever it’s worth, are saying things should pick up in that sector by May or June again.
I wish you the best and sincerely hope things turn around.
Thanks, buddy. I hope so, too.
“the year-end total for China/American trade is just in...
It is the worst EVER... Trump, you need to do something.”
This is the third month in a row that we have had this discussion. Tariffs (Trump doing something) did not start until near the end of September in 2018.
In December, significant changes took place in the numbers. Even more occurred in January. These February numbers are an even more pronounced downturn for the Chinese export market - accelerating, approaching a free-fall. Clearly, things have been done, and they having great effect.
Taking an average for a time frame mostly before the change (2018), will of course mask the effects of the change. If you look at what has happened since President Trump took action (October 2018), the effects are clear and dramatic.
Mounting evidence that the “economists” consulted by the media “don’t know dick”. I wonder if Comrade Paul Krugmann is a Red Chinese economic advisor? Wouldn’t put it past him.
Remember, Occasional Conscious Cortex got a degree in Economics from Boston U. That says a lot about our educationally system.
Then she got her MS (Moslem Superiority) degree from OMER UNIVERSITY, Capital Hill Campus.
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