The Chinese trade surplus surged to a record high of USD 84.54 billion in October 2021 from USD 57.32 billion in the same month a year earlier. Exports rose by 27.1 % year-on-year to USD 300.22 billion; extending double digit gains for the 13th month.
Australian mining giant Rio Tinto Group (RIO) on Friday reduced its 2021 Pilbara iron ore shipments forecast as the COVID lockdowns, Supply crunch were further hampered by a tighter labour market in Western Australia. These have all led to a delay of the completion of a new greenfield mine at Gudai-Darri.
Australian mining giant Rio Tinto Group(RIO)on Friday announced it is delaying first production for the Oyu Tolgoi copper mine in Mongolia by three months to January 2023. $RIO is developing the mine with Canada’s Turquoise Hill Resources (TRQ.TO) in a joint venture.
The US trade deficit in August was $73. 3Billion up from prior month’s $70.30 billion. The China and US trade deficit rose to -$28.1B. By contrast Australia’s trade balance for August revealed a massive surplus of AUD15,077 million
The US trade deficit increased 3.1% to $71.2 billion in May as rebuilding inventories for rising demand in a reopening economy pulled in imports. Goods imports rose 1.2% to $234.7 billion and exports of goods gained 0.3% to $145.5 billion, a record high.
Iron ore prices have continued to rise sharply following ongoing Chinese industrial output, Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin jumped to $172 per tonne in the third week of January. The highest level since October of 2011. At the same time Rio Tinto saw a 2.4% rise in Q4 iron ore shipments.
The US trade deficit in November was $43.1B down from prior month’s $46.9 billion. The China and US trade deficit fell to to -$26.37B. Since then the ongoing trade war has been broken into phases, phase one is due to be ratified next week.
Heading into the UK General elections and with the Brexit uncertainty goods and services from the UK hit a record high in October. However UK imports jumped 6.2% in October causing the UK trade deficit to be the largest in 6 Months.
South Korea continues to be hit by the Chinese US trade war with it’s 9th consecutive monthly drop in it’s exports. In August it’s trade surplus plunged to USD 1.72 billion from USD 6.82 billion in the same month a year earlier.
Chinese manufacturing contracted for the fourth straight month on the eve of the US increasing tariffs on Chinese goods and China’s reciprocal tariffs. The Official NBS Manufacturing PMI in China dropped to 49.5 in August 2019 from 49.7 in Julyh and below market expectations of 49.6.