First Time In 20 years, China's Imports Exceed Its Exports

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Beijing: 

Amid the trade war with the US, China has reported a current account deficit of $28.3 billion in the first half of this year, which is the first in 20 years for the world’s second largest economy.

China also recorded its first quarterly current account deficit in nearly 17 years this year, ending its dream run of accumulating trade surplus as top exporter for years and the deficit carried on to the first half of this year.

The deficit in the current account stood at $28.3 billion in the January-June period, down from $34.1 billion in the first quarter, the State Administration of Foreign Exchange (SAFE) said in a statement.

China’s service trade posted a deficit of $147.3 billion up from $73.6 billion three months earlier. The spending on trips, transport, and intellectual property rights contributed to the bulk of the deficit, state-run Xinhua news agency reported.

China however saw a goods trade surplus of $155.9 billion in H1 2018. This is the first half-year deficit in 20…

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