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December 11, 2017

Global Economic Analysis and News of Note: Chinese Crude Steel Output Falls

  • According to American Metal Market (subscription required), crude steel output in China fell in the middle of November to an average rate of 1.7718 million tons per day from an average rate of 1.8017 million during the first 10 days of the month.
  • American Metal Market also reported last week that Chinese finished steel exports fell 34 percent from November 2016 to November 2017, to 5.35 million tons from 8.12 million tons.
  • The value of exports from China increased 12.3 percent from November 2016 to November 2017 to $217 billion. The value of imports rose by an even higher amount, increasing 17.7 percent year-over-year to $177.2 billion and leaving the country with a trade surplus of $40.2 billion for November 2017. Manufacturing.net, said, “The latest figures beat most economists' forecasts and add to evidence that strengthening global and domestic demand is helping shore up China's economic growth.”
  • Automobile exports from Germany are down two percent this year due to firms moving production out of the country and because of lower demand from Britain caused by Brexit. According to Agence France Presse, “Britain is the biggest export market by unit sales and the second-biggest in financial terms for German automakers, as the operate relatively few local factories in the island nation.”