US-China trade deficit narrows, again
Updated: 2014-01-08 09:40
By By AMY HE in New York (China Daily USA)
US exports to China reached another record high in November, according to a new report released by the US Department of Commerce.
Exports to China reached $13.2 billion in November, up from the $13.1 billion in October, according to the figures released. Meanwhile, imports from China fell from $41.9 billion in October to $40.1 billion in November.
The trade deficit between the two countries further fell from $28.9 billion October to $26.9 billion in November. Exports to China for January to November totaled $108.9 billion, and imports from China totaled $402.9 billion. Trade deficit with China is still the US’ largest with any country in the world, and remains that way.
Exports increased primarily in soybeans and corn, and imports decreased primarily in toys, games, and sporting goods and apparel, according to the Commerce department.
The US trade deficit was at a four-year low in November, with exports hitting a record high and imports decreasing.
November's exports totaled $194.9 billion and imports were $229.1 billion, with the deficit being $34.3 billion, which is down from a revised $39.3 billion in October, according to the figures. November imports decreased by $3.4 billion and exports increased by $1.7 billion compared to October numbers.
US imports to the European Union decreased to $33 billion in November, and exports fell to $22.9 billion. Trade with Canada also decreased, with exports totaling $25.7 billion, and imports totaling $27.1 billion.
Wei Jianguo, vice-chairman of the China Center of International Economic Exchanges and a China Daily guest columnist, told China Daily that the US is soon to replace the European Union as China’s largest trade partner. According to figures released by the General Administration of Customs, China-EU trade totaled $506 billion from January to November, with China-US trade totaling $472.1 billion, an increase of 7.6 percent year-on-year.
In 2012, US-China trade rose 8.5 percent to $484.7 billion, which is about 12.5 percent of China's total overall trade, according to the customs' figures. The US was China's second-largest trade partner and largest export market.
At a December meeting with US Secretary of Commerce Penny Pritzker in Beijing, Chinese Premier Li Keqiang called for relaxed restrictions on high-tech exports to China and that the US will "provide favorable circumstances for Chinese businesses to invest in the US," according to a statement from the Ministry of Foreign Affairs of the People's Republic of China.