China's Xi Holds Court at APEC Summit After Trump Trade Truce 

This handout photo from APEC 2025 KOREA via Yonhap taken and released on October 31, 2025 shows China's President Xi Jinping attending a session of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Gyeongju. (AFP photo / APEC 2025 Korea via Yonhap / Handout)
This handout photo from APEC 2025 KOREA via Yonhap taken and released on October 31, 2025 shows China's President Xi Jinping attending a session of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Gyeongju. (AFP photo / APEC 2025 Korea via Yonhap / Handout)
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China's Xi Holds Court at APEC Summit After Trump Trade Truce 

This handout photo from APEC 2025 KOREA via Yonhap taken and released on October 31, 2025 shows China's President Xi Jinping attending a session of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Gyeongju. (AFP photo / APEC 2025 Korea via Yonhap / Handout)
This handout photo from APEC 2025 KOREA via Yonhap taken and released on October 31, 2025 shows China's President Xi Jinping attending a session of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Gyeongju. (AFP photo / APEC 2025 Korea via Yonhap / Handout)

China's Xi Jinping took center stage at an annual gathering of Pacific Rim leaders in South Korea on Friday, meeting Canadian and Japanese counterparts after securing a fragile trade truce with US President Donald Trump.

That agreement, struck just before Trump left South Korea, skipping the main two-day Asia-Pacific Economic Cooperation summit, cooled spiraling tensions between the world's two largest economies that jolted global commerce.

With Trump playing host for the White House's annual Halloween party back in Washington, Xi sought to cast China as the predictable champion of free and open trade at the forum, a role the US has dominated for decades.

"Changes unseen in a century are accelerating across the world," Xi told leaders of the 21-member economic bloc on Friday in the historic town of Gyeongju.

"The rougher the seas, the more we must pull together," Xi added in a speech calling for protection of global trading rules and deeper economic cooperation.

However, many Asian nations are wary of China's rhetoric, given its muscular defense posture in the region, dominance in manufacturing and its own willingness to use export controls and other tools in trade disputes.

Deputizing for Trump, US Treasury Secretary Scott Bessent told the gathered leaders - many of whom have been hammered by Trump's barrage of tariffs - that Washington was "rebalancing its trade relationships to build a stronger foundation for global growth".

The IMF initially cut the global growth outlook after Trump's 'Liberation Day' tariff announcement in April, but has edged it back up as shocks and financial conditions have proved more benign than expected.

XI MEETS JAPAN'S NEW HAWKISH LEADER

Among the most hotly-anticipated bilateral meetings, the Chinese leader held his first talks with Japan's new premier Sanae Takaichi. In brief opening remarks, both leaders said they would seek to advance ties.

While relations between the historic rivals have been on a sounder footing in recent years, Takaichi's surprise elevation to become Japan's first female leader may strain ties due to her nationalistic views and hawkish security policies.

One of her first acts since taking office last week was to accelerate a military build-up aimed at deterring the territorial ambitions of an increasingly assertive China in East Asia. Japan also hosts the biggest concentration of US military abroad.

The detention of Japanese nationals in China and Beijing's import restrictions on Japanese beef, seafood and agricultural products were also likely to be among sensitive issues on the agenda.

CANADA SEEKS TO RESTART CHINA ENGAGEMENT

Canadian Prime Minister Mark Carney also held talks with Xi, aiming to restart broad engagement with China after years of poor relations.

Embroiled in a bitter trade dispute with the United States, Canada's biggest trading partner, Carney told a gathering of executives running parallel to the main summit on Friday that Ottawa aimed to double its non-US exports over the next decade.

China is Canada's second-biggest trading partner.

Under the leadership of Carney's predecessor Justin Trudeau, Canadians were detained and executed by the Chinese government and Canada's security authorities concluded that China interfered in at least two federal elections. Xi also publicly scolded Trudeau, alleging he leaked their discussions to the press.

China announced preliminary anti-dumping duties on Canadian canola imports in August, a year after Canada said it would levy a 100% tariff on imports of Chinese electric vehicles. Senior officials from both sides met to discuss those issues earlier this month but gave no indication of any looming breakthrough.

Xi also met Thai Prime Minister Anutin Charnvirakul, while South Korean President Lee Jae Myung will tackle Korean denuclearization with the Chinese leader at a summit on Saturday.

As he held his summits on Friday, Xi's commerce minister delivered a speech on his behalf to the gathering of executives, in which he said the world was standing at a "new crossroads" between multilateralism and protectionism - a veiled jab at US trade policies.

Elsewhere, Taiwan said it was making progress on a tariff deal with the United States, and South Korea said final details of its deal with Washington were almost ready after a breakthrough agreed on Wednesday.

SOUTH KOREA HOPEFUL OF JOINT DECLARATION

South Korean Foreign Minister Cho Hyun said on Thursday that he was hopeful APEC leaders would issue a joint declaration when the summit concludes on Saturday.

Two APEC member-nation diplomats privately expressed skepticism that any statement would be particularly substantive given fractures in global politics.

APEC, which stretches from Russia to Chile and accounts for 50% of global trade, failed to adopt a joint declaration in 2018 and 2019, during Trump's first presidency.

There was also some business deals on the sidelines with US chipmaker Nvidia agreeing on a $3 billion AI joint venture with South Korean automaker Hyundai Motor Group.

Nvidia CEO Jensen Huang has had a whirlwind week, with the company becoming the first to surpass a $5 trillion valuation, but the issue of the US chipmaker's sale of advanced AI chips in China was seemingly left out of Thursday's Xi-Trump summit.

Huang said on Friday he hoped the chips can be sold in China, although stressed it was a decision for Trump.



China Energy Imports Drop in April Amid Iran War as Fuel Exports Hit Decade Low

Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. REUTERS/Aly Song
Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. REUTERS/Aly Song
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China Energy Imports Drop in April Amid Iran War as Fuel Exports Hit Decade Low

Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. REUTERS/Aly Song
Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. REUTERS/Aly Song

China's oil imports fell to the lowest level in almost four years in April as the closure of the Strait of Hormuz choked off supplies to the world's largest oil importer.

Crude oil imports fell 20% in April to 38.5 million metric tons compared to a year earlier, hitting their lowest level since July 2022, according to customs data released on Saturday.

China imports roughly half of its crude oil from the Middle East, where the closure of the strait has slashed the number of tankers ⁠carrying oil and ⁠refined products to the world.

Saturday's data from China does not distinguish between oil arriving by sea and oil coming in via pipeline. Data from ship-tracking firm Kpler, however, puts seaborne crude imports at 8.03 million barrels per day, also the lowest since July 2022, Reuters reported.

Despite the decline in imports, ⁠ship tracker Vortexa estimates crude inventories rose by 17 million barrels in April, although it said those would fall in May.

The disruption in the Middle East has led China to tightly manage exports of refined products such as gasoline or jet fuel to protect its domestic market.

That policy drove refined oil product exports for April down to their lowest in roughly a decade at 3.1 million tons, down by about a third since March.

This may still overestimate ⁠how ⁠much is going to customers in Asia and elsewhere because the data includes shipments to Hong Kong, typically a major destination for China's refined products and excluded from the export controls.

Natural gas imports also fell by 13% to 8.42 million tons, although the data does not separate seaborne liquefied natural gas (LNG) from gas piped overland. China imports significant quantities of LNG from the Middle East Gulf.

China's crude oil imports for the first four months of the year are still tracking 1.3% above last year's level at 185.3 million tons.


Germany's March Exports Rose Despite Fall of Industrial Output

A general view of the Port of Hamburg, in Hamburg, Germany, October 9, 2023. REUTERS/Wolfgang Rattay
A general view of the Port of Hamburg, in Hamburg, Germany, October 9, 2023. REUTERS/Wolfgang Rattay
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Germany's March Exports Rose Despite Fall of Industrial Output

A general view of the Port of Hamburg, in Hamburg, Germany, October 9, 2023. REUTERS/Wolfgang Rattay
A general view of the Port of Hamburg, in Hamburg, Germany, October 9, 2023. REUTERS/Wolfgang Rattay

German exports rose unexpectedly in March, official data showed on Friday, lifted by higher demand from Europe, as industrial output fell despite a forecast rise, dampened by a drop in energy production.

German exports rose 0.5% in March over the previous month, boosted by an increase of 3.4% in shipments to other European Union countries, the federal statistics office said. Analysts polled by Reuters had expected a 1.7% decrease.

“The string of positive figures ⁠continues,” said VP Bank economist Thomas Gitzel, after the statistics office reported on Thursday higher-than-expected growth in March industrial orders.

The rise in new orders makes the drop of 0.7% in industrial production reported on Friday tolerable, he added.

Analysts polled by Reuters had expected a 0.5% increase.

The statistics office attributed the output decrease to a drop in energy production and in machinery and equipment manufacturing.

“These strong orders are expected to boost industrial production - and, by extension, exports - in the coming months,” Gitzel said, though he warned the well-being of German industry hinged on ⁠how much longer the Iran war will persist.

Sentiment indicators point to a second-quarter contraction in industrial output, because of high energy prices and supply bottlenecks resulting from the blockade of the Strait of Hormuz, said Commerzbank analyst Joerg Kraemer.

A 7.9% month-on-month slump in exports to the United States in ⁠March also showed a clear drag on trade, added Gitzel.

The United States remains the biggest destination for German goods despite the slump, receiving shipments of German goods worth 11.2 billion euros in March.

Imports surged in ⁠March, rising 5.1% compared with expectations for an increase of only 0.8%.

Most imports came from China, accounting for goods worth 15.6 billion euros ($18.31 billion) and marking a 4.9% increase on ⁠the month.

As a result, the foreign trade surplus narrowed more than expected, to 14.3 billion euros ($16.80 billion), from 19.6 billion the month before.


Asia Gets First Mexican Fuel Oil Cargo in 9 Months

FILE PHOTO: Oil tankers in the Singapore Strait in Singapore March 17, 2026. REUTERS/Edgar Su/File Photo
FILE PHOTO: Oil tankers in the Singapore Strait in Singapore March 17, 2026. REUTERS/Edgar Su/File Photo
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Asia Gets First Mexican Fuel Oil Cargo in 9 Months

FILE PHOTO: Oil tankers in the Singapore Strait in Singapore March 17, 2026. REUTERS/Edgar Su/File Photo
FILE PHOTO: Oil tankers in the Singapore Strait in Singapore March 17, 2026. REUTERS/Edgar Su/File Photo

Asia received its first fuel oil cargo from Mexico in nine months on Thursday, with more to follow, as higher Asian prices draw supply after the loss of Middle East cargoes due to the Iran war, according to industry sources and shipping data.

The incoming cargoes from Mexico will ease some concerns about declining inventories in Asia's trading and bunkering hub Singapore, after the Iran conflict choked off most fuel oil supplies from key exporters in the Middle East like Iraq and ⁠Kuwait via the Strait of Hormuz, according to Reuters.

Suezmax tanker Orion, carrying about 160,000 metric tons (1 million barrels) of Mexican high-sulphur fuel oil (HSFO) loaded from the Salina Cruz refinery on the Pacific coast, reached Singapore on May 7, according to traders and ship-tracking data from Kpler.

PMI, the trading arm of Mexican state energy company Pemex, offered another 150,000-ton HSFO cargo to Asia for June delivery via a tender that closed on May 6 with bids valid until May 8, a Singapore-based trader familiar with the matter said. PMI is expected to award the tender later on Friday.

Fuel oil traders said that strong Asian prices are pulling cargoes to Asia while there is ⁠excess supply in the Americas.

“Mexican fuel barrels have to search for more optimal economics due to an influx of Venezuelan oil into the US Gulf Coast,” said Emril Jamil, senior analyst for crude and fuel oil at LSEG.

Most of Mexico's fuel oil exports typically land in the US or the Caribbean Islands, Kpler data showed.

Neither Pemex nor its trading ⁠arm immediately responded to a request for comment.

Traders in Asia have been looking for more arbitrage supplies from the West after the Middle East supply disruption.

The arbitrage is open with front-month 380-cst HSFO East-West spread at near $60 a ton this week, ⁠more than double the level before the conflict, LSEG data showed.

The spread breached $80 a ton on March 9 following the Middle East war, the data showed, a level last seen in September 2019.

A wider East-West price ⁠spread, which measures the price difference between Asian fuel oil versus supply from the Americas and Europe, typically makes it more attractive for cargoes to be shipped from the West to Asia.