China exports beat forecasts, up almost 8% in January

Import growth of crude oil expanded to 27.5 percent year-on-year from 9.6 percent prior.
China recorded double-digit growth in exports and imports in January, thanks to surging industrial demand and enhanced manufacturing capabilities as a result of the ongoing industrial upgrading, experts said on Friday.According to Reuters, January and February trends in China can be distorted by the long Lunar New Year holidays, as many businesses increase production or rush to build inventories before closing for the break.Imports also exceeded expectations, rising by 16.7 percent to $131.4 billion.China’s monthly trade surplus with the U.S. dipped to $21.37bn.China’s exports growth exceeded market expectations in January, expanding 7.9 percent in United States dollars terms as compared with consensus expectations of a rise of 3.2 percent.

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But that was not the only reason, Deng said, noting that some economic indicators since this year have actually showed that China’s exports and imports were starting to warm up.China-US trade has grown 22 percent despite worries over a possible trade war between the world’s first and second-largest economies. The sharp rise in China’s exports in January ended the nine months of contraction.Raymond Yeung, chief greater China economist at Australia & New Zealand Banking Group Hong Kong. “It is pretty obvious to me that the climate for exports to the USA is going to be much harsher in the coming years”.The company attributed strong imports in January to brisk property investment and a rally in commodity prices. Zhao Zhongxiu, Vice-president of the University of International Business and Economics in Beijing, commented: “Trade has benefited from a number of government measures meant to stabilise exports and promote economic growth”.”The global trade situation is deteriorating and will become even grimmer in 2017″, said Wang Hejun, head of the trade remedy and investigation bureau under the Ministry of Commerce, who predicts that Chinese steel and aluminum products will continue to be the main targets of trade investigations.The trade turnover between the two countries amounted to $6.55 billion in January 2017.