US trade deficit with China narrows in November

Source:Global Times Published: 2019/2/7 13:37:00

The US trade deficit narrowed by 11.5 percent to $49.3 billion in November last year, citing a decline in imports, according to a report from the US Commerce Department on Wednesday.

The decline follows five months of growth in the trade deficit.

In November, US imports fell to $259.2 billion from $266.9 billion in October, a decline of 2.9 percent. Exports fell to $209.9 billion from October's $211.2 billion, a 0.6 percent drop. 

Bai Ming, deputy director of the Ministry of Commerce's International Market Research Institute, told the Global Times on Thursday that the drop in US imports could possibly be attributed to US vendors stockpiling some Chinese exports during the past several months to prevent potential tariff risks.

"By far in November, they've stored enough, and the tariff influence on the two countries' trade has gradually emerged," Bai noted.

Bai noted that with the reported upcoming talks between China and the US, it's possible that China will boost its purchase of US agricultural goods and energy products, thus the two countries' trade deficit might continue to narrow in the coming months.

The US trade deficit with China jumped to a 10-year high in October last year, according to data released by the US Commerce Department in December last year.

According to a CNBC report on Wednesday, US Treasury Secretary Steven Mnuchin said that he and other US officials will go to Beijing next week for another round of trade talks.

Some expect the talks could prevent US tariffs on Chinese goods from being raised to 25 percent effective March 2.

Global Times


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