China-US trade rises by 8% in first nine months of 2022 despite political tensions
Published: Oct 24, 2022 05:18 PM
Aerial photo taken on May 6, 2022 shows a view of the Longtan Container Terminal of Nanjing Port in Nanjing, Jiangsu Province. Photo:Xinhua

Aerial photo taken on May 6, 2022 shows a view of the Longtan Container Terminal of Nanjing Port in Nanjing, Jiangsu Province. Photo:Xinhua

China-US trade rose by 8 percent in yuan terms in the first nine months of the year, data released by Chinese customs showed on Monday, with exports to the US maintaining solid growth despite the decoupling attempt by the US government.

According to data from Chinese customs, China-US trade rose by 8 percent year-on-year to 3.8 trillion yuan ($523 billion) from January to September. The US remains China's third largest trading partner after the EU and ASEAN.

Exports to the US grew 10.1 percent in September, after growth of exports in July and August of 15.1 percent and 12.9 percent.

"Rising exports from China to the US shows the US's reliance on Chinese goods has deepened, as it is widely believed that the exports will see a big decline given the crackdown by the US, but the fact is not," Tian Yun, a veteran economist, told the Global Times on Monday.

Chinese export data for the US did not develop in the direction forecast by some US politicians, which shows that the integrated supply chain between China and US remains unchanged, despite tense political tensions between the two, Tian added.

The growth of the bilateral trade is also in line with the China's overall foreign trade data, as China's September foreign trade figures recorded an 8.3 percent year-on-year increase in yuan terms, maintaining strong growth momentum from the previous months despite concerns over weakening overseas demand and a possible global economic recession.

The US is China's third largest trading partner, as the total value of bilateral trade of 3.8 trillion yuan, an increase of 8 percent, accounting for 12.2 percent of China's total foreign trade value.

Exporxt to the US stood at 2.93 trillion yuan, an increase of 10.1 percent, while imports from the US came in at 865.13 billion yuan, an increase of 1.3 percent, making the trade surplus with the US was 2.07 trillion yuan, an increase of 14.2 percent.

However, the US government recently published a sweeping set of export control rules, including measures to cut China off from certain semiconductor chips made anywhere in the world with US equipment.

The US and Western media described the move as "the biggest shift in US policy toward shipping technology to China since the 1990s" and "the Biden administration's most aggressive measures to date."

The Ministry of Commerce lambasted US technological bullying and urged the US to immediately reverse its wrongdoings after Washington doubled down on its export controls targeting Chinese companies.

In a similarly toned criticism, Foreign Ministry spokesperson Mao Ning told a regular media briefing on October 8 that such practices run counter to the principles of fair competition and international trade rules.

In order to maintain its science and technology hegemony, the US has been abusing export control measures to wantonly block and hobble Chinese enterprises, Mao said.

Global Times