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China's trade rises as economy recovers from virus slump – Yahoo Canada Finance

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BEIJING — China’s imports of U.S. goods rose 10.6% in June over a year ago and its global trade also increased in a fresh sign the world’s second-largest economy is gradually recovering from the coronavirus pandemic.

China’s global imports rose 3% to $167.2 billion, rebounding from May’s 3.3% decline, customs data showed Tuesday. Exports edged up 0.4% to $213.6 billion, an improvement over the previous month’s 16.7% contraction.

The country’s global trade surplus was $46.4 billion.

Imports of American goods increased to $10.4 billion despite higher tariffs that were imposed in a fight with Washington over trade and technology. Exports to the United States gained 1% to $39.8 billion.

China, where the pandemic began in December, was the first major economy to shut down to fight the virus and the first to begin the struggle to restore normal business activity after the ruling Communist Party declared victory over the outbreak in March.

Chinese factory activity is recovering but consumers, uneasy over possible job losses, are reluctant to commit to big purchases. Forecasters warn exports are likely to weaken as global demand for surgical masks and other medical supplies declines and U.S. and European retailers cancel orders.

Leading indicators “suggest that exports will start to contract again before long,” Martin Rasmussen of Capital Economics said in a report. Imports “should continue to ramp-up,” he said, as the government spends more to support economic recovery and consumer demand.

The Chinese economy shrank by 6.8% in the first quarter, its worst performance since at least the mid-1960s. The ruling party skipped announcing an economic growth target for this year but private sector forecasts range from low single digits to a small contraction.

Some forecasters raised their outlook slightly after factory activity in May improved more than expected.

Exporters also face hurdles due to U.S. tariff hikes on Chinese goods in the fight over Beijing’s technology ambitions and trade surplus. The two sides signed an agreement in January to postpone further penalties but increases imposed earlier stayed in place.

Joe McDonald, The Associated Press

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Economy

PBO projects deficit exceeded Liberals’ $40B pledge, economy to rebound in 2025

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OTTAWA – The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.

However the PBO also projects in its latest economic and fiscal outlook today that weak economic growth this year will begin to rebound in 2025.

The budget watchdog estimates in its report that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.

Finance Minister Chrystia Freeland pledged a year ago to keep the deficit capped at $40 billion and in her spring budget said the deficit for 2023-24 stayed in line with that promise.

The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.

The PBO says economic growth will remain tepid this year but will rebound in 2025 as the Bank of Canada’s interest rate cuts stimulate spending and business investment.

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

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Economy

Statistics Canada says levels of food insecurity rose in 2022

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OTTAWA – Statistics Canada says the level of food insecurity increased in 2022 as inflation hit peak levels.

In a report using data from the Canadian community health survey, the agency says 15.6 per cent of households experienced some level of food insecurity in 2022 after being relatively stable from 2017 to 2021.

The reading was up from 9.6 per cent in 2017 and 11.6 per cent in 2018.

Statistics Canada says the prevalence of household food insecurity was slightly lower and stable during the pandemic years as it fell to 8.5 per cent in the fall of 2020 and 9.1 per cent in 2021.

In addition to an increase in the prevalence of food insecurity in 2022, the agency says there was an increase in the severity as more households reported moderate or severe food insecurity.

It also noted an increase in the number of Canadians living in moderately or severely food insecure households was also seen in the Canadian income survey data collected in the first half of 2023.

This report by The Canadian Press was first published Oct 16, 2024.

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Economy

Statistics Canada says manufacturing sales fell 1.3% to $69.4B in August

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OTTAWA – Statistics Canada says manufacturing sales in August fell to their lowest level since January 2022 as sales in the primary metal and petroleum and coal product subsectors fell.

The agency says manufacturing sales fell 1.3 per cent to $69.4 billion in August, after rising 1.1 per cent in July.

The drop came as sales in the primary metal subsector dropped 6.4 per cent to $5.3 billion in August, on lower prices and lower volumes.

Sales in the petroleum and coal product subsector fell 3.7 per cent to $7.8 billion in August on lower prices.

Meanwhile, sales of aerospace products and parts rose 7.3 per cent to $2.7 billion in August and wood product sales increased 3.8 per cent to $3.1 billion.

Overall manufacturing sales in constant dollars fell 0.8 per cent in August.

This report by The Canadian Press was first published Oct. 16, 2024.

The Canadian Press. All rights reserved.

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