China buys fewer American products in May; trade surplus increases
Workers load goods for export onto a crane at a port in Lianyungang, Jiangsu province, China, June 7, 2019.
BEIJING – China bought fewer American products in May compared to the previous month, while exports to the United States increased, customs data showed on Monday.
China bought $ 13.11 billion worth of goods from the United States in May, up from $ 13.94 billion in April, according to data seen through Wind Information. May’s figure marked the lowest monthly amount since October, the data showed.
While overall Chinese imports from other countries have increased at their fastest pace in 10 years – up 51.1% – the growth rate of imports from the United States slowed to 41% in May from a year ago, from 52% the previous month.
As a result, China’s trade surplus with the United States reached $ 31.78 billion in May, from $ 28.11 billion in April. This increase comes despite efforts by former US President Donald Trump to reduce this surplus.
According to the US-based Peterson Institute for International Economics, China still behind on deal to buy more US goods, as outlined in the phase one trade agreement signed in January 2020.
The United States remains China’s largest trading partner on a one-country basis, despite trade tensions. Over the past two weeks, US Treasury Secretary Janet Yellen and Trade Representative Katherine Tai have each held separate talks with Chinese Vice Premier Liu He. for the first time under President Joe Biden.
Chinese exports to the United States reached $ 44.89 billion in May, from $ 42.05 billion in April. However, the pace of growth slowed to 21% year on year, down from 31% in April.
Overall, Chinese exports also grew at a slower pace, up 27.9% in dollars in May from a year earlier, from 32.3% in April.