Just as the US and China have put the ink on a much-anticipated “phase one” trade deal, latest data from Guangdong shows just how severe a toll the trade war has exacted on the province, China’s biggest in terms of foreign trade.
For the year to November, Guangdong’s imports and exports were 6.41 trillion yuan, 1.7% down on the same period last year.
That doesn’t appear to have daunted local media, however, which were quick to point out that the month of November marked an inflection point, as imports and exports clocked in at 651.26 billion yuan, a month-on-month increase of 0.7%.
Not mentioning the US seems to be standard practice in these reports, as local media chose to focus on the EU, Asean and Belt and Road trading partners, which were up. ASEAN trade was the biggest, at 907.98 billion yuan, up 4.9%, while the EU came next at 798.58 billion yuan, up 10.7%. Countries along the Belt and Road Initiative, which include members of both trading blocs, came in at 1.53 trillion yuan, up 4.7%.
Private enterprises fared slightly better, with imports and exports of 3.29 trillion yuan, up 3.2%.
In exports, mechanical and electrical products crept up, at 2.68 trillion yuan, an increase of 0.6%. In imports, consumer goods totaled 197.98 billion yuan up 19.4%, while pork imports were 5 billion yuan, up 56.7%.
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