Nation becomes top US trade partner
Updated: 2015-11-06 07:50
By Zhong Nan(China Daily)
|
|||||||||||
China replaced Canada for the first time as the United States' top trade partner between January and September, figures from the US Department of Commerce showed.
Trade volume between China and the US hit $441.6 billion in the first three quarters of the year, surpassing the $438.1 billion in trade between Canada and the US, the Commerce Department reported on Wednesday in Washington.
The change mainly reflect-ed declining prices for commodities, such as crude oil. The value of US oil imports fell to the lowest level since 2004, and crude oil is Canada's largest export.
But the US demand for higher value-added goods from China has increased.
"This is a milestone for China's exports and reflects an inevitable shift from shipping low-end goods such as toys, clothes and cups, to higher value-added products to the world's largest economy," said Li Guanghui, vice-president of the Beijing-based Chinese Academy of International Trade and Economic Cooperation.
The US government has made specific plans, including the Advanced Manufacturing Partnership program, to accelerate the modernization of its traditional industries. As a result, US companies need to import more manufacturing and electronic equipment, as well as parts to improve efficiency and competitive power.
"As China is under an industrial boom to upgrade its manufacturing structure, its fast-growing industries such as big data, high-speed rail equipment, household digital and intelligent devices, and interactive and ultrahigh-definition electronic products will be the main goods to be shipped to the US over the next decade," said Li.
Chinese companies' investment to the US also jumped 51 percent year-on-year to $6.35 billion in the first half of this year.
zhongnan@chinadaily.com.cn
(China Daily 11/06/2015 page1)
Today's Top News
UK unveils new spying powers, raising privacy fears
UN chief commends efforts by China, France to push for climate pact
China and Europe to jointly fund scientific research and innovation
Merkel calls for European solution to refugee crisis
China, France made progress in nuclear energy cooperation
More than 100 UK investment projects revealed
Hollande highlights green growth during visit
Tougher controls leave migrants stuck in Austria
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Xi just needs to turn up for a grand welcome |
Stepping up |
Rural families still hope for male heirs |
Blue skies over Beijing ... for now |
V-Day parade for 70th WWII anniversary |
Tianjin blasts: Death, damage and bravery |