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[IWS] USCC: MONTHLY ANALYSIS OF U.S.-CHINA TRADE DATA [6 March 2015]
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Institute for Workplace Studies-----------------Professor Samuel B. Bacharach
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NOTE: Funding for this service ends on 31 March 2015. Postings will end on this date as well.
U.S.-China Economic and Security Review Commission (USCC)
Monthly Analysis of U.S.-China Trade Data [6 March 2015]
[full-text, j13 pages]
Highlights of this Month’s Edition
· Bilateral trade: U.S. goods deficit with China grew in January 2015 on the weakness of U.S. exports.
· Bilateral policy issues: The U.S. Treasury said China reduced foreign exchange intervention in the second half of 2014; USTR is challenging China’s export subsidy program at the WTO.
· Policy trends in China’s economy: New rules by Chinese government would bar U.S. technology firms from key tech-intensive sectors of the Chinese market; Chinese public increases use of e-commerce tools during the 2015 Chinese New Year.
· Sector spotlight -- Cotton: China’s policy changes reduce U.S. cotton exports price advantage and market access.
Bilateral Goods Trade
U.S. Export Drop Causes Larger Deficit
The U.S. trade deficit in goods with China totaled $28.6 billion in January 2015, a 2.8 percent growth year-onyear, and an increase of $306 million over December 2014. At the same time, the U.S. global goods deficit declined in January 2015, as both exports and imports fell.1
U.S. exports to China dropped significantly in January, falling by over 20 percent from December 2014 and reaching a low not seen since September 2014. One year ago, monthly exports shrank by a similar margin—about 20 percent from December 2013—but year-on-year growth in January 2014 was 10.4 percent. Imports from China in January 2015 shrank, though by a smaller amount that exports to China—5.9 percent over December 2014. Overall, the bilateral deficit expanded at a faster rate than in January 2014, but still not as quickly as in 2013 (see Figure 1).
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