Today - Sunday, December 8, 2013
5:06 AMChina's trade surplus rises to high of almost five years
- China's trade surplus increased to the highest level in nearly five years in November, rising to $33.8B from $31.1B in October and easily topping consensus of $21.7B.
- Exports climbed 12.7% on year vs +5.6% in October and exceeding forecasts of +7.1%.
- Imports grew 5.3% vs +7.6% and +7.2%.
- Exports to Europe +18.4% and to the U.S. +17.7%.
- "There are signs that the global activity and trade cycle is gaining momentum, driven by the recovery in high income countries, and China's exporters are benefiting from that," says RBS economist Louis Kuijs.
- The data is the first in a number of reports due out this week, including inflation, industrial production and retail sales. (PR - use Google to translate)
- ETFs: FXI, PGJ, GXC, FXP, HAO, CYB, YINN, CNY, TAO, CHIQ, CHIX, MCHI, YANG, PEK, CQQQ, XPP, QQQC, DSUM, YAO, ASHR, CHXX, CHII, FXCH, CHXF, ECNS, CHIE, YXI, CHIM, KWEB, KFYP, TCHI, FCA, CHLC, CHNA
5:01 AMWTO finally agrees to new trade pact after years of talks
- A meeting of ministers at the World Trade Organization has agreed to a "trade facilitation decision" that is designed to cut the cost of trade by 10-15%, which could add $400B-$1T to the global economy and create 21M jobs.
- Once the deal is adopted - slated for July 2014 - it should "speed up customs procedures; make trade easier, faster and cheaper; provide clarity, efficiency and transparency; reduce bureaucracy and corruption; and use technological advances."
- The pact came at the latest round of the Doha talks, which have been going on since 2001, and is much weaker than the original goals of the discussions. There was much concern that a deal wouldn't be agreed this week, a failure that would have hurt the stature of the WTO. (PR)