October 28, 2021

China’s trade surplus with US surges to record $42bn in September

Exports increased by 28.1% to $305.7 billion, marking a slight slowdown compared to the 33% growth reported in August, but exceeding a 21% surge projected by economists.

Meanwhile, imports grew by 17.6% to $240 billion, less than the previous month’s 26% and below the 20% growth estimated by analysts polled by Reuters.

Also on rt.com US trade deficit reaches record $73.3bn amid ongoing spat with China

The slowdown is attributed to the disturbance in industrial supply chains that continue to persist after the pandemic-related global economic downturn in 2020. Moreover, rising Covid-19 infection rates in major markets, including the US, are still chilling consumer sentiment.

China’s politically sensitive trade surplus with the United States surged to a monthly record of $42 billion. Sales of Chinese goods to the US increased by nearly 30% from a year ago, while imports climbed by just under 17%.

In September, the US remained China’s largest trade partner on a single-country basis.The volume of imports of soybeans, of which the US is the largest supplier, dropped 30% compared to the same period a year ago, although the value in monetary terms rose by about 10%.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/537320-china--us-trade-balance/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Speak Your Mind