China-US trade rises to $682.3 billion in the first 11 months this year: customs

The US remained China’s third-largest trade partner in November, with the bilateral trade value reaching $72 billion for the month, newly data released from China’s Customs showed on Tuesday. Analysts said that the bilateral trade will likely hit a new record high for the year.

The US has to increase imports from China in order to relieve its domestic supply shortages, Beijing-based economist Tian Yun told the Global Times on Tuesday. “If not, US inflation is likely to keep growing.”

The total trade from January to November between the two nations hit $682.32 billion, a year-on-year increase of 30.2 percent, the data showed.

Noting the robust bilateral trade, Tian predicted a new record number for China-US trade volume in 2021 which would likely continue into next year. He estimated China’s export growth rate in 2022 will surpass 5 percent from 2021.

However, the growth rate of the bilateral trade fell from 35.4 percent in September to 33.4 percent in October.

“If the US scraps the punitive tariffs on Chinese products, there would be win-win for both as it will help relieve the US inflationary pressure, while increase China’s exports to the US,” Tian said. He suggested that the current landscape of “economic heat but political cold” will continue between the world’s two largest economies.

The two countries need an opportunity to discuss bilateral trade once the phase one trade deal expires soon, he noted.

“Even if President Biden decides not to attend the 2022 Beijing Winter Olympics, he as a veteran politician, knows clearly that keeping dialogue with China in economic and trade is pragmatic and important,” Tian said.

US Treasure Secretary Janet Yellen told CBS in an interview earlier in November that removing trade tariffs that the Trump administration imposed on Chinese goods “would make some difference” to elevated US inflation.
Source: Global Times