Trade with US rises 40% in April
Print Edition
TRADE between China and the United States rose sharply in April from the month before amid the COVID-19 pandemic, making China its largest trading partner, the Wall Street Journal reported.
Trade between the two countries increased to US$39.7 billion in April, up over 40 percent from March, surpassing Mexico and Canada, the report said on Sunday, calling China a “bright spot” for the United States in a “gloomy global trade picture.”
Meanwhile, the overall US imports fell by 13.7 percent to US$200.7 billion in April while exports fell by 20.5 percent to US$151.3 billion, with deficit widening by 16.7 percent to US$49.4 billion in the month, according to data from the US Commerce Department.
The World Bank has said global economy is on track to shrink by 5.2 percent this year, while expecting the Chinese economy to grow by 1 percent.
The US Federal Reserve recently projected US economy to contract by 6.5 percent in 2020, with the unemployment rate falling to 9.3 percent in the fourth quarter.
“China looks like it could be the biggest engine of global GDP growth in 2020 and maybe 2021,” according to Craig Allen, the president of the US-China Business Council. “We want American companies to benefit from that absolutely.”
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