USA: China's Second Biggest Trade Partner

Sources from the Customs House of China show that the export volume with the United States this January hit US$ 3.42 billion, up 38.7 percent over 1999. China's gross import and export volume with the United States surged 12.1 percent, to US$ 61.47 billion last year. Exports to the United States saw a 10.5 percent increase to US$ 41.94 billion, with net increase standing at US$ 3.96 billion.

The proportion of exports to the United States to China's total export value went up from 18.5 percent in 1993 to 21.5 percent. The United States has thus become China's second largest trade partner and the biggest export market. Imports were valued at 19.53 billion with a net increase of US$ 2.57 billion, up 15.7 percent. The proportion of the imports from the United States to China's gross import value grew from 10.3 percent in 1993 to 11.8 percent. The United States is the third largest source of import after Japan and the European Union. China's trade surplus with the United States in 1999 hit US$ 22.41 billion.

Among China's exports to the United States, the value of processing trade products was US$ 29.82 billion, accounting for 71 percent of the gross value of exports to the United States, 26.7 percent of the gross national export value of processing trade, and 27.2 percent of the exports to the United States. Among China's imports from America, the value of processing trade products reached US$ 5.3 billion, 27 percent of the gross value of imports from the United States. The value of general trade import came to US$10.3 billion, up34.1 percent and accounting for 52.7 percent of China's total value of imports from the United States, thus putting an end to the glide for thee consecutive years..

Analysis shows that the value of China's favorable balance of processing trade with the United States amounted to US$ 24.52 billion, which constitutes the main source of China's foreign trade surplus. The value of surplus of general trade with the United States was only US$ 1.13 billion. The value of unfavorable balance of other items of trade with the United States stood at US$3.24 billion.

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