Recent Updates
- ** India's RBI Effective XR have rebased from 2004-05=100 to 2015-16=100. We are currently working on these changes. **
- Japan: Market Capitalization (Feb)
- Korea: Passenger Car Trade (Q4), MOTIE Trade (Feb)
- Manufacturing PMIs: Japan, China (Feb)
- more updates...
Economy in Brief
Chicago Business Barometer Declines Sharply in February
The ISM-Chicago Purchasing Managers Business Barometer fell 4.3 points in February to 59.5...
Goods Trade Deficit Widened Slightly in January
The advance estimate of the U.S. trade deficit in goods widened slightly to $83.74 billion in January..
Japan's Industrial Sector Mounts a Comeback
Japan's IP surged in January gaining 4.3% compared to December...
Aircraft Orders Boost U.S. Durable Goods Orders in January
Manufacturers' orders for durable goods increased a much larger-than-expected 3.4% m/m (4.5% y/y) in January...
Kansas City Fed Manufacturing Index Increases Again in February
The Kansas City Fed reported that its manufacturing sector business activity index rose to 24 in February...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Louise Curley December 19, 2005
China's total balance of merchandise trade declined $328 million in November from $7,188 million in October to $6,860. China's trade balance with the United States, however, increased $267 million to $10,583 million from $10,315 million in October. Through November of this year, the cumulative over-all balance of trade was $92,049 million and that with the United States $103,348 million.
China typically runs an even larger favorable balance of trade with Hong Kong. In 2004, the balance with Hong Kong was $89,326 million compared with $80,321 million for the United States. In both countries, a large part of the Chinese exports are the products of Hong Kong and U.S. factories built in China. Because of its special relationship with China, Hong Kong is much less concerned with the imbalance in its trade with China than is the United States. The other area where China has a significant positive balance of trade is Europe. Over the past five years, the balance of trade with the United States has almost always been larger than the total balance as shown in the first chart.
China does have substantial trade deficits on merchandise in many Asian countries. The largest of these are Taiwan, Korea and Japan. In the second and third charts, China's exports to and imports from Korea and Japan are shown. The deficit with Korea, as shown by the difference between the two series, has been growing steadily over the past several years. The deficit with Japan had been narrowing, but more recently has widened.
China: Merchandise Trade Balances (Millions US$) | Nov 05 | Oct 05 | Nov 04 | M/M Dif | Y/Y Dif | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|---|---|
Total | 6,860 | 7,188 | 7,531 | -328 | -671 | 32,569 | 25,389 | 30,426 |
With: | ||||||||
United States | 10,583 | 10,316 | 8,344 | 267 | 2,240 | 80,321 | 58,627 | 42,731 |
Europe | n.a. | 5,976 | 4,817 | n.a. | n.a. | 33,648 | 18,401 | 5,770 |
Hong Kong | n.a. | 10,292 | 8,738 | n.a. | n.a. | 89,326 | 65,185 | 47,695 |
Taiwan | -5,378 | -5,315 | -4,140 | -63 | -1,238 | -51,212 | -40,350 | -31,493 |
Japan | -2,631 | -2,123 | -1,458 | -508 | -1,173 | -20,655 | -14,750 | -5,001 |
Korea | -3,806 | -4,047 | -2,687 | 241 | -1,119 | -34,356 | -23,056 | -13,073 |