China-US trade is set to hit a new all-time high in 2021 after solid data from January to November, despite tensions – Community News
Us China

China-US trade is set to hit a new all-time high in 2021 after solid data from January to November, despite tensions

A combine harvester and a grain truck work in a soybean field at the Pellett family's farm in Atlantic, a small town in Iowa, United States, Oct. 16, 2019. (Xinhua/Wang Ying)

A combine harvester and a grain truck work in a soybean field on the Pellett family farm in Atlantic, a small town in Iowa, United States. (Xinhua/Wang Ying)

Trade between China and the US remained robust for the first 11 months of the year, reaching $682.32 billion, a 30.2 percent year-over-year increase, Chinese customs data showed Tuesday, even as bilateral ties remain in a downward spiral the constant US aggression against China.

Bilateral trade could hit an all-time high by the end of the year as the US continues to buy more Chinese manufactured products at record inflation levels and as China expands imports of US agricultural, energy and other products, Chinese experts noted.

However, as Washington continues its hostile approach, China-US ties will remain in “hot economy, cold politics,” experts added.

In the first 11 months of 2021, Chinese exports to the US rose 28.3 percent year-on-year, while imports grew 36.9 percent year-on-year, according to official data on Tuesday. In November, bilateral trade was $72.49 billion, a jump from $66.79 billion in the previous month.

The US must increase imports from China to fill domestic deficits, Beijing-based economist Tian Yun told the Global Times on Tuesday. “If not, US inflation will likely continue to rise.”

Meanwhile, China has also increased imports of some commodities such as energy products and aircraft from the US, Gao Lingyun, an expert at the Chinese Academy of Social Sciences in Beijing, told the Global Times on Tuesday.

In November, China imported 8.57 million tons of soybeans, up 67.7 percent month-on-month, with US imports also increasing, analysts say.

Jiao Shanwei, editor-in-chief of the news website, said soybean imports increased during the soybean export season from North America as hurricanes in the US and rising ocean freight and freight container rates slowed shipments. earlier.

Jiao added that food importers in China have also ramped up purchases of soybeans and other necessities for the upcoming New Year and the Spring Festival holidays.

In the energy field, Chinese state oil giant Sinopec signed a massive deal on Nov. 4 with US-based Venture Global LNG to buy 4 million tons of liquefied natural gas (LNG) annually over 20 years, the largest long-term LNG deal ever. signed between the world’s two largest economies, the Xinhua News Agency reported.

Going forward, Tian expected a new record high for China-US trade in 2021, likely to remain on a strong path next year.

Gao pointed out that robust trading has the potential to reach higher levels as the end of the year will usually be a high as the holiday season normally boosts trading.

However, Gao noted that the lecture did not fully live up to expectations due to tightened epidemic prevention policies amid the Omicron variant and disrupted logistics in the US.

“While the US has recognized that China-US cooperation is mutually beneficial, some opposing voices in the US could become a hidden concern for bilateral economic and trade cooperation in the future,” Gao said.

As the first trade deal is due to expire at the end of 2021, analysts noted that the two countries need an opportunity to discuss bilateral trade.

“If the US removes punitive tariffs on Chinese products, there would be a win-win outcome for both as it will help ease US inflationary pressures while increasing Chinese exports to the US,” Tian said. adding that the current “hot economy, cold politics” landscape will persist between the two largest economies in the world.

US Treasury Secretary Janet Yellen told CBS in an interview earlier in November that removing the trade tariffs the Trump administration imposed on Chinese goods would “make a difference” in raising US inflation.

About the author


Add Comment

Click here to post a comment