Montag, 22.10.2018 08:40 Uhr

China's trade surplus reached new records

Verantwortlicher Autor: Carlo Marino Rome/Beijing, 12.10.2018, 09:34 Uhr
Nachricht/Bericht: +++ Wirtschaft und Finanzen +++ Bericht 2286x gelesen

Rome/Beijing [ENA] People's Republic of China's trade surplus reached new records in September, reaching US $ 34.1 billion compared with $31.05 billion in August, despite US duties on the import of "made in China" goods and tit-for-tat tariffs against each other’s goods. The USA trade deficit exists because exports to China were only $130 billion while imports from China were $506 billion.According to Chinese customs, exports grew by

13% compared to a + 9% braking import. Overall, the figure of the Chinese global exchange shows a surplus of 31.69 billion against 27.38 billion in September 2017 and the 19.4 billion expected by analysts. The United States imported from People's Republic of China $77 billion in computers and accessories, $70 billion in cell phones, and $54 billion in apparel and footwear. A great deal of these imports are from U.S. manufacturers that send raw materials to China for low-cost assembly. Once shipped back to the United States, they are counted as imports. China can produce many consumer goods at lower costs than other countries can. Americans, of course, want these goods for the lowest prices.

People's Republic of China keeps prices so low because China's competitive pricing is a result of two factors: a lower standard of living, which allows companies in China to pay lower wages to workers and an exchange rate that is partially fixed to the dollar. So far, PRC bought so many U.S. Treasury notes that it is the largest lender to the U.S. government. Japan is the second largest. As of July 2018, the U.S. debt to China was $1.17 trillion. That's 19 percent of the total public debt owned by foreign countries.Recently, China's commerce ministry declared that the USA and PRC are not discussing restarting trade negotiations, and repeated the promise to "strike back" against Washington's latest threat to slap $200 billion of Chinese

imports with new 10 percent taxes. People's Republic of China 's rising economic standing and international influence triggers ever-growing reflections and studies in the rest of world on China's economic mode and development path and the recent PRC’s threat hammered global markets, especially as fears mount that Trump's decision to pick fights with other key allies such as Canada and the European Union could increase an all-out global trade war.

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