国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Economy

China, not Canada, is top US trade partner

(Agencies) Updated: 2015-11-05 15:08

China, not Canada, is top US trade partner

US President Barack Obama (R) welcomes Chinese President Xi Jinping in the Oval Office of the White House in Washington September 25, 2015. [Photo/Agency]

Slump in oil prices sends Canada's share down 11.6%

China is poised to become the biggest US trading partner this year, eclipsing Canada for the first time as the slump in oil prices reduces the value of energy exports for America's neighbor to the north.

Trade in goods with China reached $441.6 billion this year through September, exceeding the $438.1 billion balance with Canada for the first time in US Commerce Department data going back to 1985. Figures published Wednesday also showed that the US trade shortfall with China is now at an all-time high, fueled by record imports.

Crude oil is among Canada's biggest exports, and its price has collapsed to about half of its 2014 peak. That's helped send the value of its trade with the US so far in 2015 down 11.6 percent from the same time last year, even as the world's biggest economy buys more barrels.

"It's completely an oil story," said Jacob Oubina, senior US economist at RBC Capital Markets LLC in New York. "In nominal terms, yes, the trade with China overtakes Canada, but in real terms, it's very different. It's not economic activity or output. It's a price story all the way."

In September, the US imported 101.3 million barrels of crude oil from Canada, the most this year and the second-highest level in records going back to 2010, according to data from the Census Bureau. However, the $3.9 billion customs value of those imports was the second-lowest.

Meanwhile, as other emerging markets struggle to accelerate, China is increasingly dependent on US consumers buying its goods. Total trade this year with China is up 3.7 percent from the same nine months in 2014.

The US trade deficit in manufacturing hit a record $74.7 billion in September, according to an analysis of new Census Bureau data by RealityChek, a reliable blog on manufacturing and trade. That could become fodder for debate in the presidential election.

The record was spotted by Alan Tonelson, founder of RealityChek. Spotting records involves searching through historical trade data, since the Census Bureau doesn't make comparisons in its news releases.

The swelling of the manufacturing trade deficit is more evidence that while the overall US economy has recovered from the 2007-09 recession, the manufacturing sector continues to lag.

According to Tonelson, the previous high for the manufacturing trade deficit was $73 billion in August. He says the US appears headed for an annual record deficit in manufacturing.

The Alliance for American Manufacturing noted that US imports from China hit a record of $45.7 billion in September, and President Scott Paul said the inflow is "killing America's manufacturing recovery".

Hot Topics

Editor's Picks
...
津南区| 太仆寺旗| 房产| 浦江县| 鞍山市| 巨鹿县| 湟中县| 杂多县| 自贡市| 陆丰市| 巢湖市| 吴桥县| 莎车县| 永州市| 淮安市| 台中市| 巴彦淖尔市| 天门市| 二连浩特市| 离岛区| 濮阳市| 多伦县| 攀枝花市| 漯河市| 临漳县| 东方市| 西乌珠穆沁旗| 巴里| 上蔡县| 汽车| 宁远县| 高邑县| 宜章县| 手游| 诸城市| 图木舒克市| 偃师市| 淳化县| 杭锦后旗| 冕宁县| 巍山|