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China is increasingly closing itself off to the world

The country's trade surplus could reach $1 trillion

Nov 11, 2024 10:27 212

China is increasingly closing itself off to the world  - 1

China's trade surplus could reach a record $1 trillion. USD in 2024, if current growth rates are maintained, the ag. Bloomberg.

From January to October of the current year, the gap between China's exports and imports has grown by almost 16% since 2023. so far and has reached 785 billion. USD, which is a record for such a period. According to the agency, the reason for this is the increase in Chinese exports abroad and the fall in demand for imports in the country due to the replacement of many foreign goods with local counterparts. In this regard, Bloomberg notes that the growth of China's trade surplus could strain Beijing's relations with Washington after the election of Republican Donald Trump as the US president, who previously promised to introduce increased tariffs on Chinese goods, including steel and electrical cars.

However, China's trade surplus with the US this year also increased by 4.4% compared to the same period last year. The increase in trade with the EU reached 9.6%, and with ASEAN countries - 36%. The agency specifies that today China has a positive trade balance with almost 170 countries, the highest figure since 2021. this way.

Trump, who won the US presidential election on November 5, proposed in his campaign program the introduction of tariffs on imports from China of 60%.

China imports from the US soybeans, cotton and corn, microchips, jeeps, liquefied petroleum gas and oil, coking coal, copper and copper ore. The American country buys from China smartphones, computers, lithium-ion batteries, plastic products, security cameras, household appliances, shoes, children's toys and much more.

Over the past few years, Sino-US relations have become more strained, affecting trade between the two countries. In 2022 their trade turnover reached 759.4 billion. USD, which is an increase of only 0.6%. In 2023 it decreased by 11.6% and amounted to 664.45 billion. USD.