Source: Bloomberg
US-China trade in goods is now at the fastest rate in years, defying long standing tariff wars and Covid-19 pandemic impacts.
USDCNY is down -0.03%
- On a monthly basis, two-way trade between the two countries fell to $19 billion in February 2020, but has rebounded to new records in the past year.
- Currently, about half of the $259 billion goods from the US’s largest port, Los Angeles, involves Hong Kong and China.
- US Firms are still bearing with higher shipping costs, backlogs, and bottlenecks due to tariffs imposed on at least $300 billion worth of Chinese imports.
- The boom in trade is expected to continue, with Beijing continuing to purchase millions of tons of farm goods from the US this year, while stuck-home US consumers import record items from China.
- US imports from South Korea and Taiwan have also surged to underscore robust demand amid the devastations caused by Covid-19.
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