While higher exports from the US to China under the Phase One Agreement have added volumes for tanker and dry bulk shipping, containerised imports to the US have shifted from China to other countries in the region. Despite an increase in exports, the commitments made in the Phase One Agreement are a long way off and unlikely to be met, the consequences of which have not clearly been laid out. In the first seven months of 2021, the US trade balance with China has worsened compared with the same period in 2020, from a deficit of USD 162.8 billion to a deficit of USD 187.2 billion. However, the first seven months of 2020 were severely impacted by the pandemic, creating an artificially low deficit. Compared with 2019, the trade balance has in fact improved in the first seven months of this year, aided by higher valued exports. US exports in value to China have risen 34.7% in the first seven months of 2021 compared to 2019, and at USD 72.4 billion, exports this year are 14.1% higher than in the same period of 2017, before trade war tariffs were implemented. While total imports measured in value from China are also up from 2019 (+4.0%), the total value of imports is down 1.2% in the first seven months of this year compared to the same period in 2017 (2017 being the final pre-trade war year).

The European Union imposed tariffs of as much as 44% on optical-fiber cables from China, affecting the supply of next-generation telecommunications equipment used by Deutsche Telekom AG and others. Chinese exporters of core broadband gear for future 5G networks will face EU tariffs to counter unfair price undercutting known as dumping, according an EU legal document published on the authority`s website on Wednesday. Regulators said below-cost pricing risked driving EU producers out of the European market and there were plenty of alternative suppliers in Europe and elsewhere to replace the Chinese goods. The tariffs will enter into force the day after the document is published in the EU`s Official Journal. They include a 44% duty on EU imports from companies the EU says are controlled by the Chinese state: FiberHome Telecommunication Technologies Co. Ltd. and Nanjing Wasin Fujikura Optical Communication Ltd. The EU probe of optical-fiber ca

HANOI, April 14 (Reuters) - Aluminium prices rose on Wednesday, with the Shanghai contract hitting a near 10-year high on fears that top producer China will limit output to meet its environmental targets. The most-traded May aluminium contract on the Shanghai Futures Exchange rose as much as 2.7% to 18,045 yuan ($2,760.57) a tonne, its highest since August 2011, before retreating to trade up 1% at 17,745 yuan a tonne at 0218 GMT. Three-month aluminium on the London Metal Exchange rose 0.3% to $2,300 a tonne, having hit its highest since June 2018 earlier in the session of $2,313.50 a tonne. Traders said there were market talks that China`s Xinjiang region will limit output of aluminium, an energy intensive industry, as the country strived to curb pollution, but there has been no confirmation of such event. Combined aluminium inventories in LME and ShFE warehouses have fallen 4.5% since a near-three-year high level hit on March 19, but current stockpiles of 2.23 million tonnes were still 43% higher than the beginning of the year.

Annotations: 1. Explanatory Notes Producer Price Index for manufactured goods consists of producer price index and purchaser price index. The industrial producer price index reflects the trend and level of prices change when the products are sold for the first time. The industrial purchaser price index reflects the trend and level of prices change for the products

Price Indexes for the Industrial Sector in March M/M(%) Y/Y(%) Jan-Mar

In March 2021, Producer Price Index (PPI) for manufactured goods rose by 4.4 percent year-on-year and 1.6 percent month-on-month. The purchasing price index for manufactured goods increased by 5.2 percent year-on-year and 1.8 percent month-on-month. From January to March, on average, the producer price of industrial products increased by 2.1 percent over the same period last year, and the purchasing price of industrial products increased by 2.8 percent.

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Aluminum prices jumped to their highest in nearly three years. The price for aluminum for three-month delivery on the London Metal Exchange has risen to its highest since June 2018, reaching $2,350 per ton. The most-traded May aluminum contract on the Shanghai Futures Exchange rose as much as 2.7% to 18,045 yuan ($2,760.53) a tonne, its highest since August 2011.

China is now the EU's biggest trading partner, overtaking the US in 2020. China bucked a wider trend, as trade with most of Europe's major partners dipped due to the Covid-19 pandemic. Trade between China and the EU was worth $709bn (€586bn, £511bn) last year, compared with $671bn worth of imports and exports from the US.