MEET CHINA`S TRADING PARTNERS
China is now the world’s second largest economy and one of the leaders in global trade. Creating a mark in the global market, in 2013, the Asian country once overtook the United States as the biggest trading country in the world. Also, China’s trading volume has also hit a record high of $4.16 trillion. Now, let us introduce China’s leading trading partners.
Despite the disputes over several issues, including the South China Sea and cyberattacks to and fro, the United States is the country’s biggest trading partner with $17.419 trillion. In 2014, the total value of bilateral trade between the two nations was $590.4 billion, with US imports from China at $466.7 billion and US exports to China at $123.7 billion.
The bilateral trade surplus which China operates with the United States may be aggravated by the former’s economic slowdown caused by the yuan devaluation in August. A sluggish Chinese economy is not only tantamount to weaker demand for American goods, but can also increase US imports from China.
As of last year, the top three exports from the US to China were fruit, grain, seed, and the like ($14.9 billion); unidentified commodities ($14.9 billion); and other vehicles ($13.3 billion). The top three imports from China include electrical and electronic equipment ($127.11 billion); machinery, boilers, nuclear reactors, etc. ($105.3 billion); and furniture, lightning, prefabricated buildings, and signs ($25.5 billion).
We are not surprised this country is included in the list, as the city is China’s second biggest trade partner with $290.9 billion. Last year, the bilateral trade between the two regions was $568.7 billion, with HK imports from China at $268.3 billion and HK exports to China at $300.4 billion.
Hong Kong’s economy, with approximately 57% of its total exports to China and around 45% of its total imports from China, is really with China’s economic slowdown, which will eventually affect the city’s economy in the long run.
As of 2014, the top three exports to China are electrical and electronic equipment ($151.9); coins, metals, pearls, precious stones, etc. ($50.1 billion); and boilers, machinery, nuclear reactors, etc. ($44.7 billion). The leading imports from China include electrical and electronic equipment ($135.6 billion), boilers, machinery, nuclear reactors, etc. ($39 billion); and metals, pearls, precious stones, etc. ($19.1 billion).
Again, we are not shocked Japan is China’s third biggest trading partner with $4.6 trillion. As of last year, the total value of bilateral trade between them was $306.7 billion, with Japanese imports from China at $181.7 billion and Japanese exports to China at $125 billion.
Japan also feels the aftermath of China’s slowdown, as its exports declined by 4.6% in August. Even though exports to the United States are improving, overall exports slowed for two straight months. Japan is still expecting a recovery from 2014 recession. However, some Japanese officials feared the recovery could be deferred as Chinese economy remains weaker than expected.
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