China’s Jan. trade surplus with United States drops 6.7 percent
24 March 2008By JOE McDONALD
BEIJING - China’s trade surplus with the United States fell in January as demand for Chinese goods weakened amid fears of a U.S. recession, while the surplus with Europe surged by 42 percent, according to data reported Thursday.
The surplus with the United States was $12.1 billion, down 6.7 percent from the same month last year, the Chinese customs agency reported. The trade surplus with the 27-nation European Union widened to $13.7 billion (9.3 billion euros).
The data appeared likely to add to pressure on Beijing for faster action on currency and trade barriers. Some American lawmakers have called for punitive tariffs on Chinese imports if Beijing fails to act.
China’s trade surplus with the EU has risen sharply in the past year, prompting European officials to join Washington in lobbying Beijing.
On Feb. 15, Xinhua News Agency had said China’s global trade gap in January had grown 22.7 percent to $19.5 billion, citing the customs agency. At that time, it did not break down trade by region.
The United States, European Union and other trading partners accuse Beijing of obstructing imports and foreign investment in violation of free-trade pledges.
A World Trade Organization panel ruled last week that China improperly uses tax policy to discourage its automakers from using imported auto parts. The United States, EU and Canada had complained the policy was costing jobs abroad.
China’s exporters of clothing, furniture and other goods say American retailers are cutting orders, worried that a possible U.S. recession could douse consumer spending.
Chinese producers hope that higher consumption at home can help fill the gap. China’s economy is expected expand by at least 9 percent this year, down from last year’s stunning 11.4 percent. Beijing is trying to encourage domestic consumption in hopes of reducing reliance on export industries.
Exports to the United States grew by a lackluster 5.4 percent in January, well below the usual double-digit rate, to $19.2 billion, according to the General Administration of Customs.
Chinese imports of American goods grew by 12.2 percent to $7.1 billion, the customs agency said.
The United States and other trading partners complain that Chinese currency controls are partly to blame for the trade gap. They say the country’s currency, the yuan, is kept undervalued, giving its exporters an unfair price advantage.
Last year, China’s global trade surplus ballooned by nearly 50 percent to $262.2 billion. The government said the trade gap with the United States rose 19 percent to $163.3 billion, while that with the EU expanded 46 percent to $134.3 billion.
The United States says it ran a $256.3 billion trade deficit with China last year, up 10.2 percent from 2006. The two governments report widely differing trade figures because they collect data differently.
On the Net:
Chinese customs agency (in Chinese): http://www.customs.gov.cn/
The surplus with the United States was $12.1 billion, down 6.7 percent from the same month last year, the Chinese customs agency reported. The trade surplus with the 27-nation European Union widened to $13.7 billion (9.3 billion euros).
The data appeared likely to add to pressure on Beijing for faster action on currency and trade barriers. Some American lawmakers have called for punitive tariffs on Chinese imports if Beijing fails to act.
China’s trade surplus with the EU has risen sharply in the past year, prompting European officials to join Washington in lobbying Beijing.
On Feb. 15, Xinhua News Agency had said China’s global trade gap in January had grown 22.7 percent to $19.5 billion, citing the customs agency. At that time, it did not break down trade by region.
The United States, European Union and other trading partners accuse Beijing of obstructing imports and foreign investment in violation of free-trade pledges.
A World Trade Organization panel ruled last week that China improperly uses tax policy to discourage its automakers from using imported auto parts. The United States, EU and Canada had complained the policy was costing jobs abroad.
China’s exporters of clothing, furniture and other goods say American retailers are cutting orders, worried that a possible U.S. recession could douse consumer spending.
Chinese producers hope that higher consumption at home can help fill the gap. China’s economy is expected expand by at least 9 percent this year, down from last year’s stunning 11.4 percent. Beijing is trying to encourage domestic consumption in hopes of reducing reliance on export industries.
Exports to the United States grew by a lackluster 5.4 percent in January, well below the usual double-digit rate, to $19.2 billion, according to the General Administration of Customs.
Chinese imports of American goods grew by 12.2 percent to $7.1 billion, the customs agency said.
The United States and other trading partners complain that Chinese currency controls are partly to blame for the trade gap. They say the country’s currency, the yuan, is kept undervalued, giving its exporters an unfair price advantage.
Last year, China’s global trade surplus ballooned by nearly 50 percent to $262.2 billion. The government said the trade gap with the United States rose 19 percent to $163.3 billion, while that with the EU expanded 46 percent to $134.3 billion.
The United States says it ran a $256.3 billion trade deficit with China last year, up 10.2 percent from 2006. The two governments report widely differing trade figures because they collect data differently.
On the Net:
Chinese customs agency (in Chinese): http://www.customs.gov.cn/
Labels: China, Economy, EU, United States
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