US surpasses EU as biggest buyer of Chinese exports
Updated: 2012-12-27 00:01
By Zheng Yangpeng (China Daily)
|
|||||||||
The United States surpassed the European Union in the first 11 months of 2012 to become the largest buyer of Chinese exports, according to data released by the Commerce Ministry on Tuesday.
The value of US trade with China increased by 8.2 percent year-on-year to reach $438.62 billion, according to the ministry.
At the same time, China's exports to the US increased by 8.2 percent to $319.4 billion, and its imports from the US went up by 8.1 percent to $119.2 billion.
China's trade surplus with the US has also increased in the year, going from $148.3 billion in the first nine months to $200.3 billion in the first 11 months.
The EU, for its part, saw its trade with China decline.
In the first 11 months of the year, its trade with China decreased by 4.1 percent year-on-year, and its imports from China dropped to $302.3 billion.
Japan's trade with China also dropped by 2.9 percent year-on-year during the period.
Even so, China's total foreign trade was up in the first 11 months of the year, increasing by 5.8 percent to $3.5 trillion, although that rate of increase was far below the goal of 10 percent set at the beginning of the year.
And trade with the US has not been as vigorous in recent months as it was earlier in the year.
The past two months have seen it slow below the 9.1 percent year-on-year rate of increase it showed in the first nine months.
Zhou Shijian, a senior trade expert at Tsinghua University, blamed the slower trade on the US' sluggish economic recovery.
The US economy grew by 2.7 percent in the third quarter of the year. Yet many expect the rate to be slower in the fourth quarter, as the country braces itself for going over the "fiscal cliff", a combination of deep cuts in government spending and tax increases that are scheduled go into effect early next year.
"US consumers see an uncertain economic future and are tightening their purse strings," Zhou said.
Even so, he said, the US is doing much better than the EU or Japan.
Zhou forecast that trade between China and the US will continue to increase next year, saying the US economy is recovering, though at a slow rate.
Wang Li, a researcher with the Ministry of Commerce's International Trade and Economic Cooperation Institute, said US controls on technology exports remain an obstacle to trade with China.
During a meeting last week of the China-US Joint Commission on Commerce and Trade, the US pledged to respond to China's concerns about fair treatment for direct investments in the US, controls on technology exports and various visa matters.
In the first 11 months of 2012, US' actual investment in China increased by 11.6 percent from a year earlier to hit $2.4 billion.
During the same period, China approved the establishment of 1,180 US-funded companies, down 8.9 percent year-on-year. By the end of November, the cumulative direct investment from the US had reached $70 billion.
China remains a small investor in the US, having put $8.6 billion worth of investment into the country by November.
- Kerry positive for China-US relations
- China and US agree on major trade measures
- China-US trade talks conclude with positive results
- China, US kick off annual trade talks
- China, US move beyond distractions to new relations
- Xi pursues better ties between China, US
- China, US hold wide-ranging defense talks
- Report highlights risk confronting exporters
- Relief reaches isolated village
- Rainfall poses new threats to quake-hit region
- Funerals begin for Boston bombing victims
- Quake takeaway from China's Air Force
- Obama celebrates young inventors at science fair
- Earth Day marked around the world
- Volunteer team helping students find sense of normalcy
- Ethnic groups quick to join rescue efforts
Most Viewed
Editor's Picks
Supplies pour into isolated villages |
All-out efforts to save lives |
American abroad |
Industry savior: Big boys' toys |
New commissioner
|
Liaoning: China's oceangoing giant |
Today's Top News
Health new priority for quake zone
Xi meets US top military officer
Japan's boats driven out of Diaoyu
China mulls online shopping legislation
Bird flu death toll rises to 22
Putin appoints new ambassador to China
Japanese ships blocked from Diaoyu Islands
Inspired by Guan, more Chinese pick up golf
US Weekly
Beyond Yao
|
Money power |