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Updated November 7th, 2021 at 13:30 IST

US-China trade up by 33.4% between Q1-Q3 this year despite political tensions

The US and China trade spiked 33.4% in January-October of this year as compared to the same time period in 2020, stated Sputnik citing the Chinese customs.

Reported by: Aanchal Nigam
China
(IMAGE: AP) | Image:self
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The United States and China trade spiked 33.4% in January-October of this year as compared to the same time period in 2020, stated Sputnik citing the Chinese General Administration of Customs. Reportedly, the trade between US and China amounted to $609.939 billion in just the first ten months of 2021. Additionally, China’s export to the US increased by 31.7% in January-October 2021 which amounted to $465.305 billion. Meanwhile, US export to China rose to 39% and amounted to $144.634 billion.

In just October alone this year, the US-China trade was worth $66.794 billion. Last year, as per the report, the US-China trade went up 8.3% and amounted to $586 billion despite the severe trade disputes between the two of the world’s largest economies. Meanwhile, Chinese state media, Global Times stated that China’ trade growth with the United States slowed in October as compared to September this year. Chinese customs reportedly revealed the figures on Sunday as the China-US phase one trade deal continues to move forward as its end approaches in January 2022. 

China-US trade dropped in October

Notably, as per the Chinese state media report, while the trade increased from January to October this year with a 33.4% hike, the growth rate dropped compared to 35.4% growth from January to September 2021. Citing customs’ data, the media outlet calculated that China’s trade surplus with the US to $40.75 billion in October, plunging from $42 billion recorded for September.

Tian Yun, former vice director of the Beijing Economic Operation Association, told the Global Times that China’s macro regulatory policies on the domestic economy and real estate sector caused the slower growth across investment and consumption that led to the drop in imports from the US. He also noted that presently, the global economy is suffering from supply chain difficulties and according to Tian, China lacks energy while the United States lacks goods. 

Tian was quoted by Chinese state media as saying, “Which country could stabilize domestic supply chains and boasts big share in global value chain will outperform in foreign trade.” Despite October statistics, the phase one trade deal between the United States and China is moving forward and Beijing has increased its purchased American energy products. 

(IMAGE: AP)

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Published November 7th, 2021 at 13:30 IST

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