A tricycle painted gold and used as a marketing gimmick in Beijing. China's trade growth weakened in July in a negative sign for growth in the world's second-largest economy and global demand. Ng Han Guan / AP
A tricycle painted gold and used as a marketing gimmick in Beijing. China's trade growth weakened in July in a negative sign for growth in the world's second-largest economy and global demand. Ng Han Show more

China exports and imports data cloud global outlook



China's exports and imports grew more slowly than expected in July, raising concerns over whether global demand is starting to cool even as major western central banks consider scaling back their massive stimulus programmes.

China and Europe have been driving an increasing share of global growth this year as political conflict stymies stimulus policies being pushed by the US president Donald Trump.

But China's export growth slowed to 7.2 per cent in July from a year earlier, the weakest pace since February and cooling from an 11.3 per cent rise in June, official data showed on Tuesday. Analysts had expected a 10.9 per cent gain.

Imports rose 11 per cent, the slowest growth since December and down from a 17.2 per cent rise in the previous month. That also missed expectations of 16.6 per cent growth.

That left the country with a trade surplus of US$46.74 billion for the month, the highest since January, compared with forecasts for $46.08bn and above June's $42.77bn. The July trade figures are preliminary, with revised data due on July 23.

Asian stock markets went flat after the disappointing China data, which came a day after ratings agency Fitch upgraded its outlook for the world economy for this year and next, citing recoveries in China and other emerging markets.

"Despite an uptick at the end of the second quarter, [China's] trade growth now appears to be on a downward trend. In particular, the sharp decline in import growth since the start of the year suggests that domestic demand is softening," Capital Economics said in a note.

Improving global demand has boosted exports for China and other trade-reliant Asian economies in recent months after several lean years of declining shipments, but investors have been more focused on its strong appetite for imports, particularly for industrial commodities such as iron ore and coal, which have sparked a global price rally.

China's trade surplus with the United States, its largest export market, rose 5.9 per cent in the first seven months of this year to $142.75bn compared to the year-ago period, even as China's overall trade surplus has declined this year.

China's surplus with the US was $25.2bn in July, nearly unchanged from June's $25.4bn, which was the highest since October 2015.

Mr Trump is close to a decision on how to respond to what he considers China's unfair trade practices, as Washington prepares to launch an inquiry into Beijing's intellectual property and trade practices.

But America's appetite for Chinese goods appears to have only increased over the years.

The surplus with the US accounted for over 60 per cent of China's total surplus in the first half, compared to just 44 per cent in the year-ago period, according to China customs data.

China has said that trade between China and the US benefits both sides and that Beijing is willing to work with Washington to improve their trade relationship.

The US and China failed last month to agree on major new steps to reduce the US trade deficit with China, casting doubt over Mr Trump's economic and security relations with Beijing.

Tensions between Washington and Beijing have escalated in recent months as Mr Trump has pressed China to cut steel production to ease global oversupply and rein in North Korea's missile programme.

He tweeted in late July after the latest North Korea missile test that he was "very disappointed" in China, saying that Beijing profits from US trade but had done "nothing" for the United States with regards to North Korea, something he would not allow to continue.

A China's vice commerce minister said last week that China's foreign trade faces a mostly positive environment in the second half of the year, but instability and uncertainties still exist.

* Reuters

Basquiat in Abu Dhabi

One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi. 

The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier. 

It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.  

“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi. 

Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October

Tips to avoid getting scammed

1) Beware of cheques presented late on Thursday

2) Visit an RTA centre to change registration only after receiving payment

3) Be aware of people asking to test drive the car alone

4) Try not to close the sale at night

5) Don't be rushed into a sale 

6) Call 901 if you see any suspicious behaviour

My Country: A Syrian Memoir

Kassem Eid, Bloomsbury

Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

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'Lost in Space'

Creators: Matt Sazama, Burk Sharpless, Irwin Allen

Stars: Molly Parker, Toby Stephens, Maxwell Jenkins

Rating: 4/5

MATCH INFO

Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports