U.S.-China Trade Imbalance Is Improving
Sumaira FH Published June 18, 2021 | 03:52 PM
America's trade with China has vastly moved away from its former state of imbalance, U.S. business magazine Forbes said in a recent article
WASHINGTON, (UrduPoint / Pakistan Point News - 18th Jun, 2021 ) :America's trade with China has vastly moved away from its former state of imbalance, U.S. business magazine Forbes said in a recent article.
The pandemic obscured the picture of bilateral trade in 2020, but now that the impact of the virus is diminishing in both countries, "some statistical clarity has emerged," Milton Ezrati, a senior economic strategist who authored the article published Tuesday, said of trade data newly released by U.S. Commerce Department.
The Commerce Department says 2018 saw the worst bilateral trade deficit with China, when China sold America 419 billion U.S. Dollars more in goods than the United States sold in China. "As of the first three months of 2021, that difference was running at a 284 billion Dollar annual rate, sill a huge deficit but a correction -- if that is the right word -- of about a third," he said.
That picture clearly shows a moderation in U.
S. imports from China and an acceleration in U.S. exports to China, Ezrati said, noting that what is "clear in the figures is Beijing's compliance with the trade deal hammered out between it and Washington in 2019 and sealed just before the onset of the pandemic."U.S. exports to China are growing. According to the text of that agreement, China effectively promised to buy more American products from a rather long list that the Commerce Department monitors monthly, Ezrati said, and the Asian country has delivered.
"On this score, the statistics speak loudly. Since the deal was signed, U.S. goods exports to China have risen at almost a 14.5 percent annual rate, far faster than the 0.6 percent yearly growth in all U.S. exports during this time and also faster than the 1.25 percent annual growth of U.S. exports to China during the three years prior to the deal," Ezrati added.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
More Stories From Business
-
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
3 minutes ago -
Today Gold Rate in Pakistan 26 April 2024
23 minutes ago -
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
9 hours ago -
Pak-US officials engage to enhance trade, investment ties
10 hours ago -
Stocks fall as tech shares sink, US economy slows
11 hours ago -
Higher taxes, awareness help decrease cigarettes sale in Pakistan
12 hours ago
-
Ahsan Iqbal chairs CPEC JWGs, 13th JCC review-meeting
12 hours ago -
Industries Minister recommends urea fertilizer import to stabilize prices and supply
12 hours ago -
Honda announces US$11 bn EV battery and vehicle plant in Canada
12 hours ago -
Zhao Shirin calls on Punjab Industries Minister
13 hours ago -
CEO APM Terminals calls on Finance Minister
13 hours ago -
SACM visits GTVC checks attendance register
13 hours ago