Facebook Blogging

Edward Hugh has a lively and enjoyable Facebook community where he publishes frequent breaking news economics links and short updates. If you would like to receive these updates on a regular basis and join the debate please invite Edward as a friend by clicking the Facebook link at the top of the right sidebar.

Thursday, February 14, 2008

China Number One Exporter To US in 2007

China passed Canada to become the largest source of products shipped into the U.S. last year, capping a six-year period during which its exports to the U.S. more than tripled. Led by items such as flat-panel televisions and computers, household appliances, toys and clothing, imports from China surged to $321.5 billion in 2007, according to a US Commerce Department statement today. Chinese trade is accelerating faster than imports from did Mexico after the North American Free Trade Agreement took effect in 1994.

China's rapid rise may well produce an even stronger backlash in the US Congress where lawmakers have systematically complained that China subsidizes its producers at the expense of U.S. companies and workers.

China also passed Mexico last year to become the second- largest trading partner with the U.S. after Canada. As recently as 2002 Mexico sent more goods to the U.S. than China. Now, Chinese totals are 50 percent more than Mexican exports to the U.S. And the rise of China doesn't mean trade with Canada is falling: imports from Canada increased 3 percent last year, despite the rise in the Canadian dollar. Imports from China jumped 12 percent compared with 2006.

Chinese exports to the U.S. were rising steadily through the 1990s. They spiked after China entered the World Trade Organization in December 2001 and after global caps on apparel trade expired at the end of 2004.

No comments: