China's yuan-denominated exports and imports were higher in 2019

  • China's General Administration of Customs releases December 2019 trade data.

China's exports and imports both rose in 2019, Reuters reported citing data from the General Administration of Customs released on Tuesday.

In yuan terms, 2019 exports rose 5% from a year ago while imports 1.6% in the same period.

Trade surplus was 2.92 trillion Chinese yuan in 2019.

For the month of December, exports were up 9% while imports were were 17.7% higher from a year ago, Reuters reported citing data from the Chinese customs. 

December trade surplus was 330 billion Chinese yuan.

China's imports form the U.S. rebounded in November and December, Reuters reported citing China customs vice minister Zou Zhiwu.  In particular, China's soybean and pork imports from the U.S. significantly rebounded in December.

Zou added that positive U.S-China sentiment on trade boosted the confidence of companies in December.

The data comes as U.S. and China remain in a long-drawn trade war, but there may soon be light at the end of the tunnel.

U.S. and China trade representatives are expected to end intense bilateral negotiations with a "phase one" deal on Wednesday. The deal potentially promises billions of dollars' worth of agricultural purchases and is likely to mark the beginning of reforms to China's longstanding practice of forced technology transfer.

On Monday, the U.S. removed China from a list of countries considered currency manipulators, the Treasury Department announced.

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