December 07, 2022 14:28 Last updated: 15:03
Almost six years after the US started the trade war, 2022 may be a record year for Sino-US trade volume – not only will US imports from China exceed any year in history , US exports to China will also set a new historical record.
The US releases trade data for October.
The US trade deficit widened sharply in October as global demand for US energy products such as oil and natural gas slowed and the dollar strengthened. The Commerce Department said Tuesday that the goods and services trade deficit widened to a seasonally adjusted $78.2 billion in October from a revised $74.1 billion in September. The deficit with China fell by $6 billion to $26.1 billion in October. Exports rose $1.4 billion to $13.6 billion, while imports fell $4.6 billion to $39.7 billion.
As early as November, China announced the import and export situation between China and the United States before the United States according to the established schedule. According to the data released by the General Administration of Customs of China on November 7, in October, the trade volume between China and the United States reached 59.841 billion US dollars; the cumulative trade volume between China and the United States in the first 10 months reached 639.830 billion US dollars, an increase of 5.1% year on year.
In 2022, the trade volume between China and the United States may reach a new peak.
In other words, if the trend in the last few months of the year holds, Sino-US trade volumes are likely to reach new highs.
According to the data polled by the National Bureau of Statistics, during the four years between 2018 and 2021, the scale of trade between China and the United States was: 633.519 billion US dollars, 541.560 billion US dollars, 586.979 billion US dollars and 755.776 billion US dollars. dollars. It can be seen that the trade volume between China and the US was indeed affected in 2019 and 2020 after the Sino-US trade war, but it rebounded sharply in 2021 and set a new historical record.
Huo Jianguo, vice president of the China World Trade Organization Research Association, said in an interview with a reporter from the Global Times that Sino-US trade will exceed 750 billion in 2021, which is the highest in history. However, given the current situation, the trade data in 2022 will continue to grow, and the possibility of setting another new historical record is very high.
During the administration of former US President Trump, Washington imposed multiple rounds of tariffs on China in an attempt to stimulate the return of manufacturing capacity to the US and reduce its dependence on Chinese imports. However, data from the last few years shows that in addition to the decline in 2019 and 2020, China’s imports of goods from the United States rebounded sharply in 2021 along with the total import and export volume, and at the same time reached an all-time high. , reaching 576.075 billion US dollars.
Bloomberg said this phenomenon is worth thinking about. Although the rhetoric of a “decoupling” between the US and China has prevailed in the six years since Trump launched the trade war against China, the reality is that it is not.
Bloomberg said that we are currently breaking down public opinion in the era of hyperglobalization, and the world is reorganizing around the two “geopolitical poles” of Washington and Beijing. There is no doubt that the United States and China have gone through difficult times diplomatically and on trade, but the trade data reminds us that some rhetoric and policies do not always reflect global economic trends. The surge in US imports from China came after the US imposed tariffs aimed at changing the structure of US-China trade. Moreover, the US is buying more Chinese goods than ever before, even as the US has tried to move supply chains from China to other countries and resettle factories.
The article noted that the trade relationship with China remains the largest bilateral trade relationship in the United States. China is considered by the United States as its main economic and geopolitical rival, and this situation (the dependence of the United States on Chinese goods) is a big deal and a major foreign policy dilemma for the United States.
Expert analysis pointed out that the trade war unilaterally instigated by the United States has not affected the development of Sino-US trade, which proves the strong internal driving force of bilateral trade between China and the promoted “decoupling”. by some American politicians may not be able to fulfill their wishes in the end, because of the Sino-US The close and extensive industrial division and cooperation formed over the last few decades can hardly be destroyed by artificial political factors.
Chinese Ministry of Commerce.File photo Xinhua News Agency
On November 18, Chinese Commerce Minister Wang Wentao met with US Trade Representative Dai Qi during the Informal APEC Leaders’ Meeting in Bangkok, Thailand. Shu Yuting, a spokesman for the Ministry of Commerce, introduced the meeting between Chinese and American economic and trade officials at a press conference on November 24. Shu Yuting said that China and the United States had discussions on Sino economic and trade issues -USA of mutual concern and multilateral and regional economic and trade cooperation. He also pointed out that Wang Wentao, during the talks, expressed serious concerns about US trade and investment restrictions on issues related to China and Taiwan.
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