Sino-US Trade Likely to Reach US$92 Billion This Year

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Last updated at: (Beijing Time) Wednesday, October 02, 2002

Sino-US Trade Likely to Reach US$92 Billion This Year

Two-way trade between China and the United States may reach 92 billion US dollars this year if it continues to grow at the current rate of 14.6 percent, trade analysts said.

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Two-way trade between China and the United States may reach 92 billion US dollars this year if it continues to grow at the current rate of 14.6 percent, trade analysts said.

China-US trade from January to August this year added up to 60.2 billion US dollars, up 14.6 percent. While China's exports to the US increased 22.7 percent to reach 43 billion US dollars worth of goods, its imports of US goods decreased 1.7 percent to 17.18 billion US dollars.

China's exports to the US were mainly machinery and electronic products, textile products, toys, footwear, furniture, base metal, plastic and rubber products, and fur and leather. US exports to China were mainly machinery, electronic products, chemicals, medical equipment and medicine, optical goods and aircraft.

Trade is now an important part of China-US relations, stressed very often as leaders of the two countries meet.

US President George W. Bush's visit to China and Chinese Vice-President Hu Jintao's visit to the US earlier this year, as well as visits by economic and trade officials of the two sides, have greatly fueled the growth of trade between the two countries, analysts said.

In addition, China's reduction of tariffs following its entry into the World Trade Organization, and its strong economic growth, together with the US economic recovery were the main factors leading to the trade growth.

The US is now the second largest trading partner of China after Japan.

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