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Military Trends, Technology, and International Developments => United States of America => Topic started by: adroth on July 18, 2019, 04:39:20 AM

Title: US overtaken by Southeast Asia as China's No. 2 trade partner
Post by: adroth on July 18, 2019, 04:39:20 AM
US overtaken by Southeast Asia as China's No. 2 trade partner
American exports plunge 30% as Beijing finds other suppliers

ISSAKU HARADA, Nikkei staff writer
JULY 13, 2019 04:36 JST

https://asia.nikkei.com/Economy/Trade-war/US-overtaken-by-Southeast-Asia-as-China-s-No.-2-trade-partner

BEIJING -- The U.S. is losing importance as a trading partner of China as their tariff war drags on, dropping a notch to third place in the first half of 2019 to trail the European Union and Southeast Asia.

Sino-American trade in goods declined 14% on the year to $258.3 billion, according to statistics out Friday from Chinese customs authorities. In exports, the U.S. sustained a much harder blow.

Agricultural and energy products easily sourced from elsewhere account for much of the Chinese imports from the U.S. But big Chinese exports like computers, mobile phones and other electronics have supply chains that take more time to rearrange. While Chinese exports to the U.S. fell 8% to $199.4 billion, American exports to China plunged 30% to $58.9 billion.

For June alone, Chinese exports to the U.S. fell 8% on the year to $39.2 billion as American exports to China dropped 31% to $9.3 billion.

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China is looking to other major markets to fill the gap. Trade with the EU, which overtook the U.S. as its top trade partner in 2004, increased 5% on the year to $337.9 billion in the first half. Trade with the Association of Southeast Asian Nations grew 4% to $291.8 billion, topping the American tally. Should current tensions continue, the bloc could rank above the U.S. for the full year for the first time on record.

ASEAN member Vietnam enjoyed a 14% jump in exports from China. Chinese businesses are moving more parts and materials to newly set up production bases there. At least some of this is aimed at skirting American tariffs on products made in China.

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