A view of Zhangjiakou Port in east China’s Jiangsu Province on October 21. Photo: cnsphoto
China’s trade growth with the United States slowed in October compared to September, Chinese customs data revealed on Sunday, while the phase 1 trade deal between China and the United States continues to advance before the agreement is concluded in January 2022.
Although bilateral trade grew 33.4% year-on-year to $ 66.794 billion from January to October, the growth rate fell, compared to growth of 35.4% from January to September, according to customs data. .
That brought China’s trade surplus with the United States to $ 40.75 billion in October, from $ 42 billion in September, according to calculations by the Global Times.
The value of Chinese imports from the United States was $ 14 billion in August, rising to $ 15.4 billion in September but down to $ 13 billion last month.
China’s macro-regulatory policies on the domestic economy and real estate sector have resulted in slower investment and consumption growth, leading to lower imports from the United States, Tian Yun told Global Times , former vice director of the Beijing Economic Operation Association.
Right now, the global economy is suffering from supply chain grunts – China is running out of energy and the United States is running out of goods, he noted. “Which country could stabilize national supply chains and boast a large share of the global value chain will outperform in foreign trade.”
Despite October statistics, Phase 1 of the China-U.S. Trade deal is moving forward as China ramps up purchases of U.S. energy products.
Chinese state-owned oil giant Sinopec on Thursday signed a massive deal with US Venture Global LNG to buy 4 million tonnes of liquefied natural gas (LNG) per year for 20 years, the largest long-term LNG deal ever. signed between the two largest economies.
China’s energy imports increased year-over-year from January to October, with coal imports up 1.9% and natural gas up 22.3%, the reports revealed. customs data.
A recent study by the US-China Business Council showed that 64% of US Congressional districts exported more merchandise to China in 2020 compared to 2019, with 72 districts increasing their exports by more than $ 100 million. The rise was particularly marked in farming communities in the Midwest, the oil-exporting regions of Texas and Louisiana, and the semiconductor hub of Oregon.
However, Trump’s tariffs remain a major obstacle to restraining the growth of bilateral trade.
“If tariffs are reduced or eliminated… China will increase its imports and exports with the United States, for sure. The country needs American energy products to get through a cold winter and ease the bottlenecks of the economy. ‘domestic supply,’ Tian said.
Earlier this month, US Treasury Secretary Janet Yellen’s comments on the US cut in some tariffs on Chinese goods were a positive sign in bilateral trade relations, which could be an important step for both countries to resolve one of their most important and damaging trade disputes. – tariffs, analysts said, suggesting practical actions could be implemented as soon as possible.