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China overtakes Canada as largest trade-partner of US

Press Trust of India  |  Beijing 

has become the biggest trade partner of America for the first time replacing Canada, state media here reported today citing the official US data.

The trade volume of the United States with reached nearly USD 442 billion in the first 9 month exceeding the USD 438 billion America-trade, state media reported.


The value of Canada's suffered due to a slump in oil prices which in turn reduced the value of Canadian exports, state-run People's Daily reported quoting US Commerce Department data.

Crude oil is among main of Canada, but its price plummeted in 2014, which made Canada's trade volume with the US fall 11.6 per cent from the same time last year even as the world's biggest economy buys more crude oil.

On the contrary China's to the US went up by 3.7 per cent as Americans continue to use more Chinese products.

Last year, the China-US trade touched USD 590.7 billion with China's accounting for USD 466.7 billion against US to USD 124 billion.

The trade deficit went up to USD 342.7 billion.

China's mainly comprise of computer products, toys, home appliances, footwear, audio visual equipment, electronic components and plastic products.

US consisted of soybeans, aircraft, autos, waste and scrap, semiconductors, measuring instruments, communication equipment and meat and poultry.

Analysts said that the trade and investments links between the two countries are so strong that both will play safe to ensure the present round of military tensions over South Sea will not escalate beyond a point.

The US alleges that is making excessively claiming nearly all of the South Sea as its territory. Several other nations, including Malaysia and Vietnam, claim parts of the disputed region.

is also America's biggest lender by investing about USD 1.20 trillion of its foreign exchange in US bonds.

First Published: Thu, November 05 2015. 18:22 IST
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