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China bought fewer American products in May. trade balance expands



Workers load goods for export on a crane at a port in Lianyungang, Jiangsu Province, China, June 7, 2019.

Reuters

BEIJING — China bought fewer American goods in May compared to the previous month. Meanwhile, exports to the United States rose, according to customs data released on Monday.

China buys $1

3.11 billion worth of goods from the United States. in May, down from $13.94 billion in April. Data accessed through Wind Information showed, data showed May’s numbers were the lowest since October.

While overall Chinese imports from other countries grew the fastest in 10 years, up 51.1 percent. This slowed to 41% in May from a year ago, compared with 52% the previous month.

As a result, China’s trade surplus with the United States. It rose to $31.78 billion in May, up from $28.11 billion in April. The increase came despite former US President Donald Trump’s efforts to reduce the surplus.

According to the US-based Peterson Institute for International Economics, China is still behind in reaching an agreement to buy more American products. As stated in the Phase 1 trade agreement signed in January 2020.

The US remains China’s largest trading partner in a single country. U.S. Treasury Secretary Janet Yellen and Trade Representative Katherine Tai have held separate talks with Vice Premier Liu in the past two weeks. China’s He for the first time under President Joe Biden

Chinese exports to the US It rose to $44.89 billion in May, up from $42.05 billion in April, but growth slowed to 21% year-on-year from 31% in April.

Overall China’s exports continued to expand at a slower pace, rising 27.9 percent in dollars in May from a year earlier. Compared to a rate of 32.3% in April

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