$365,694,500,000: U.S. Merchandise Trade Deficit With China Hit Record in 2015

[onebyone]

By Terence P. Jeffrey | February 9, 2016 | 12:54 PM EST

(AP Photo/Carolyn Kaster)
(CNSNews.com) - The merchandise trade deficit that the United States ran with China in 2015 hit a record high of $365,694,000,000,according to data released Friday bythe U.S. Census Bureau and the Bureau of Economic Analysis.

“The deficit with China increased $22.6 billion to $365.7 billion in 2015,” the BEA said in a press release. “Exports decreased $7.5 billion to $116.2 billion and imports increased $15.1 billion to $481.9 billion.”

The $22,615,700,000 increase in the merchandise trade deficit the U.S. ran with China last year was a 6.6-percent jump from the $343,078,800,000 merchandise trade deficit the U.S. ran with China in 2014.



The merchandise trade balance deals only with the goods that are imported and exported between the two countries. It does not include the export and import of services.

In recent years, according to the Bureau of Economic Analysis, the U.S. has run a surplus in its exchange of services with China, while running a much larger deficit in its exchange of goods.

In 2014, for example, the U.S. ran a $28.077 billion surplus in services traded with China, according to BEA. That caused the overall 2014 U.S. goods-and-services trade deficit with China—which was $315.116 billion—to be less than the 2014 merchandise trade deficit of $343,078,800,000.

The BEA is scheduled to release the 2015 balance of trade in services with China (and other countries) on March 4.

The Census Bureau has published U.S.-China export and import numbers on goods going back to 1985. During the past thirty years, the annual value of U.S.-China trade has risen dramatically. So, too, has the gap between the value of the Chinese goods imported into the U.S. and the U.S. goods exported to China.

In 1985, according to the Census Bureau, the U.S. exported $3.8557 billion in goods to China and imported 3.8617 billion back—running a deficit of only $6,000,000.

By 1995, the U.S. was exporting $11.7537 billion from China while importing $45.5432 billion—running a deficit of $33.7895.

By 2005, the U.S. was exporting $41.1920 billion to China while importing 243.4701 billion from China—running a deficit of $202.2781 billion.

In 2015, the Census Bureau reported Friday, the U.S. exported $116.1863 in goods to China while importing $481.8808 billion—running a merchandise trade deficit with China of $365.6945 billion.

Even when the historical annual merchandise trade deficits that the U.S. has run with China are adjusted for inflation and put in constant 2015 dollars using the Bureau of Labor Statistics inflation calculator, the $365.6945 billion merchandise trade deficit the U.S. ran with China last year is still the largest recorded by the Census Bureau.



“For the past several years, the U.S. trade deficit with China has been significantly larger than that with any other U.S. trading partner and several trading groups,” said a Congressional Research Service report (“China-U.S. Trade Issues") published in December.

“Some analysts contend that the large U.S. trade deficit is an indicator that the trade relationship is unbalanced, unfair, and damaging to the U.S. economy,” said the report. “Others argue the large trade deficit with China is more of a reflection of global supply chains, where China is often the final point of assembly for export-oriented multinational firms.”

“A joint study by the Organization for Economic Cooperation and Development (OECD) and the WTO,” said the CRS report, “estimated that the U.S trade deficit in China would be reduced by 25% (in 2009) if bilateral trade flows were measured according to the value-added that occurred in each country before it was exported.”

As calculated by the Census Bureau, the U.S. ran an overall trade deficit in goods in 2015 of $736.1719 billion.

The largest contributor to that deficit was China and its $365,694,500,000 bilateral deficit with the U.S. The second largest contributor was Germany, with whom the U.S. ran a $74,192,600,000 merchandise trade deficit. The third largest contributor was Japan, with whom the U.S. ran a $68,647,900,000 merchandise trade deficit. The fourth was Mexico, with whom the U.S. ran a $58,363,700,000 merchandise trade deficit. And the fifth was Vietnam, with whom the U.S. ran a $30,921,400,000.
$365,694,500,000: U.S. Merchandise Trade Deficit With China Hit Record in 2015

 

[Kwame Brown]

 

[Kiss_of_the_Dragon]

haha, good one

 

[Aepsilons]

Seriously?!!!

By Terence P. Jeffrey | February 9, 2016 | 12:54 PM EST

(AP Photo/Carolyn Kaster)
(CNSNews.com) - The merchandise trade deficit that the United States ran with China in 2015 hit a record high of $365,694,000,000,according to data released Friday bythe U.S. Census Bureau and the Bureau of Economic Analysis.

“The deficit with China increased $22.6 billion to $365.7 billion in 2015,” the BEA said in a press release. “Exports decreased $7.5 billion to $116.2 billion and imports increased $15.1 billion to $481.9 billion.”

The $22,615,700,000 increase in the merchandise trade deficit the U.S. ran with China last year was a 6.6-percent jump from the $343,078,800,000 merchandise trade deficit the U.S. ran with China in 2014.



The merchandise trade balance deals only with the goods that are imported and exported between the two countries. It does not include the export and import of services.

In recent years, according to the Bureau of Economic Analysis, the U.S. has run a surplus in its exchange of services with China, while running a much larger deficit in its exchange of goods.

In 2014, for example, the U.S. ran a $28.077 billion surplus in services traded with China, according to BEA. That caused the overall 2014 U.S. goods-and-services trade deficit with China—which was $315.116 billion—to be less than the 2014 merchandise trade deficit of $343,078,800,000.

The BEA is scheduled to release the 2015 balance of trade in services with China (and other countries) on March 4.

The Census Bureau has published U.S.-China export and import numbers on goods going back to 1985. During the past thirty years, the annual value of U.S.-China trade has risen dramatically. So, too, has the gap between the value of the Chinese goods imported into the U.S. and the U.S. goods exported to China.

In 1985, according to the Census Bureau, the U.S. exported $3.8557 billion in goods to China and imported 3.8617 billion back—running a deficit of only $6,000,000.

By 1995, the U.S. was exporting $11.7537 billion from China while importing $45.5432 billion—running a deficit of $33.7895.

By 2005, the U.S. was exporting $41.1920 billion to China while importing 243.4701 billion from China—running a deficit of $202.2781 billion.

In 2015, the Census Bureau reported Friday, the U.S. exported $116.1863 in goods to China while importing $481.8808 billion—running a merchandise trade deficit with China of $365.6945 billion.

Even when the historical annual merchandise trade deficits that the U.S. has run with China are adjusted for inflation and put in constant 2015 dollars using the Bureau of Labor Statistics inflation calculator, the $365.6945 billion merchandise trade deficit the U.S. ran with China last year is still the largest recorded by the Census Bureau.



“For the past several years, the U.S. trade deficit with China has been significantly larger than that with any other U.S. trading partner and several trading groups,” said a Congressional Research Service report (“China-U.S. Trade Issues") published in December.

“Some analysts contend that the large U.S. trade deficit is an indicator that the trade relationship is unbalanced, unfair, and damaging to the U.S. economy,” said the report. “Others argue the large trade deficit with China is more of a reflection of global supply chains, where China is often the final point of assembly for export-oriented multinational firms.”

“A joint study by the Organization for Economic Cooperation and Development (OECD) and the WTO,” said the CRS report, “estimated that the U.S trade deficit in China would be reduced by 25% (in 2009) if bilateral trade flows were measured according to the value-added that occurred in each country before it was exported.”

As calculated by the Census Bureau, the U.S. ran an overall trade deficit in goods in 2015 of $736.1719 billion.

The largest contributor to that deficit was China and its $365,694,500,000 bilateral deficit with the U.S. The second largest contributor was Germany, with whom the U.S. ran a $74,192,600,000 merchandise trade deficit. The third largest contributor was Japan, with whom the U.S. ran a $68,647,900,000 merchandise trade deficit. The fourth was Mexico, with whom the U.S. ran a $58,363,700,000 merchandise trade deficit. And the fifth was Vietnam, with whom the U.S. ran a $30,921,400,000.
$365,694,500,000: U.S. Merchandise Trade Deficit With China Hit Record in 2015

$365 Billion?! Damn...!!!!

 

[Tiqiu]

So AMERICA GREAT AGAIN is MADE IN CHINA

And the Canadian did a lousy job too..

China passes Canada to become largest U.S. trading partner - The Globe and Mail

China passes Canada to become largest U.S. trading partner
Iain Marlow - ASIA-PACIFIC CORRESPONDENT

VANCOUVER — Globe and Mail update (correction included)

Published Thursday, Nov. 05, 2015 8:39PM EST

Last updated Friday, Nov. 06, 2015 12:16PM EST

China has displaced Canada as the United States’s largest trading partner, a landmark shift that eliminates one of the defining characteristics of the Canadian economy.

Due in part to the crash in oil prices and the reduced value of Canada’s energy exports south of the border, U.S. year-to-date trade with China has edged past the total value of U.S. trade with Canada for the first time.

China’s trade with the U.S. for the nine months to the end of September was valued at $441.6-billion (U.S.), or 15.7 per cent of total U.S. trade, compared with the $438-billion value of Canada-U.S. trade, which has slipped to 15.5 per cent of U.S. trade, according to the U.S. Commerce Department.

Canada has long been defined – economically, politically and culturally – by its crucial trade relationship with the U.S. Those strong ties have shaped Canadian industrial development over the course of the past century and continue to heavily influence Canada’s economic and foreign policy priorities. But the shift in the Canada-U.S. trade relationship speaks to the growing influence of the booming Asia-Pacific region in the global economy – and in the trading relationships of both the U.S. and Canada

“It’s important in the historical context, but what it generally shows is that there has been an underlying shift going on for years around where the U.S. is getting its imports,” says HSBC Canada chief economist David Watt.

“When we think about the United States, we have to realize where our ranking is nowadays. We are nowhere near as predominant as we used to be. We have to realize that the market share we lost to China is not coming back. The market share we lost to Mexico … is probably not coming back.”

China long ago surpassed Canada as the top source of imports flowing into the U.S. – Canada in September ranked third, behind China and Mexico and ahead of Japan and Germany – but in terms of total trade, which consists of both imports and exports, Canada has historically still been Washington’s largest trading partner. Observers suggest this slip down the ranks means Canadian businesses and political leaders now need to step up and capitalize on Canada’s competitive advantages, particularly as trade barriers come down and countries sign more trade deals.

China’s eclipsing of Canada on U.S. trade, despite its root in lower energy prices, also speaks to the growing importance of China in the global economy – with the East Asian superpower now the largest or second-largest trading partner of roughly 100 countries around the world, including Canada.

“This has been a statistical outcome a decade in the making,” says University of British Columbia professor Paul Evans, the author of Engaging China: Myth, Aspiration and Strategy in Canadian Policy from Trudeau to Harper. “It will nevertheless be a psychological jolt to those who feel that we live in a privileged North American cocoon. This could produce a tipping point in Canadian consciousness about the centrality of China to the global economy and Canadian prosperity. There is no reason to be alarmed by being No. 2. But it does demonstrate that continental proximity is no longer economic destiny.”

Across the Prairies and in Western Canada, politicians and businesses have long been attuned to global shifts across the Pacific, such as the rise of new consumers in populous countries such as China, India and Indonesia, as well as the continuing importance of powerful industrialized Asian economies such as Japan and South Korea. Under Stephen Harper’s Conservative government, Canada signed a free trade with Seoul, and then-international trade minister Ed Fast criss-crossed Southeast Asia, trying to drum up trade.

But with the Trans-Pacific Partnership trade deal – between the U.S., Canada, Japan and other Pacific Rim economies – and trade barriers coming down more generally, Mr. Watt of HSBC suggests Canada’s new government needs to more aggressive in its trade relationship with China, a relationship he says has lacked clarity. He also says Canadian businesses have to realize the business landscape is changing.