Home Economy China, US 2008 Trade Ups 10.5 Percent

China, US 2008 Trade Ups 10.5 Percent

By Prensa Latina,

Beijing : Trade between the US and China grew 10.5 per cent in 2008, netting $333.7 billion, say specialized sources.

This is the smallest growth since China joined the World Trade Organization (WTO) in 2002 but reflects an active bilateral exchange.

The General Customs Administration (GCA) rates Chinese sales to the US in $252.3 billion, which is 8.4 per cent higher than 2007.

US exports to China netted $81.4 billion, for a 17.4 per cent growth compared to the previous year.

China scored a surplus of $170.8 billion, equivalent to 57.8 per cent its foreign trade surplus.

Poor growth in 2008 bilateral exchange is owed to falling domestic demand in the US caused by the financial crisis and rising exchange rate of Chinese yuan.