Categories: Market Overview

China buys fewer American goods in May; trade surplus grows

China bought fewer American products in May versus the prior month, while exports to the U.S. rose, according to customs data released Monday. China bought $13.11 billion dollars’ worth of goods from the U.S. in May, down from $13.94 billion in April, data accessed through Wind Information showed. May’s figure marked the lowest monthly amount since October, the data showed.

While overall Chinese imports from other countries grew at their fastest pace in 10 years — up 51.1% — the pace of growth for imports from the U.S. slowed to 41% in May from a year ago, versus 52% the prior month. As a result, China’s trade surplus with the U.S. rose to $31.78 billion in May, up from $28.11 billion in April. The increase comes despite efforts by former U.S. President Donald Trump to reduce that surplus.

According to the U.S.-based Peterson Institute for International Economics, China is still behind on meeting its agreement to buy more American goods, as laid out in the phase one trade deal signed in January 2020. The U.S. remains China’s largest trading partner on a single-country basis, despite the trade tensions. In the last two weeks, U.S. Treasury Secretary Janet Yellen and Trade Representative Katherine Tai have each spoken separately with Chinese Vice Premier Liu He for the first time under President Joe Biden.

China buys fewer American goods in May; trade surplus grows, CNBC, Jun 7

The FxPro News Team

This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

Share
Published by
The FxPro News Team

Recent Posts

Nasdaq 100 Wave Analysis 23 December 2024

- Nasdaq 100 reversed from strong support level 21000.00 - Likely to rise to resistance…

2 days ago

USDJPY Wave Analysis 23 December 2024

- USDJPY reversed from key support level 156.35 - Likely to rise to resistance level…

2 days ago

US indices: has the bullish trend broken?

The recent declines in US indices may have broken the bullish trend, indicated by technical…

2 days ago

Dollar: Slowing Momentum, Same Direction

The dollar has paused its strengthening, as weaker-than-expected inflation data reduces fear of future Fed…

2 days ago

Bitcoin Fell Back to Local Support

Bitcoin finds support near the 50-day moving average, but further declines in the stock market…

2 days ago

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

5 days ago

This website uses cookies