The February trade statistics released by the US Department of Commerce on April 2 showed that imports of goods from China were US $ 27.181 billion (S $ 39.135 billion), a decrease of 13.5% from the previous month.
According to the Japan Economic News, affected by the reduction in imports, the US trade deficit with China decreased by 16.7% to US $ 19.7 billion. Judging from the figures before seasonal factors adjustment, it has fallen to the lowest level in about 11 years since March 2009. The huge impact of the new US epidemic in February has not yet emerged, and in China, factories for electronic products such as personal computers and mobile phones have been shut down, making it difficult to supply domestic and foreign products.
The first phase of the Sino-US trade agreement proposed to increase the export of US agricultural products and energy products to China by US $ 200 billion within two years. The agreement took effect on February 14, but the import value from January to February decreased by 9.4% year-on-year. The US government, which strives to reduce the trade deficit by increasing exports, is disadvantaged.
The Nikkei Chinese website commented in the report that the Sino-US trade in March is believed to continue to be at a standstill. Although factories in China are gradually returning to work, the number of new crown infections in the United States has surged since March, and personal consumption has become colder. After the first stage of the trade agreement was reached, in February the United States reduced the tariffs imposed on US $ 120 billion of clothing and other Chinese exports to the United States by half to 7.5%, but most of the remaining tariffs were still maintained and imports were difficult to increase.
The U.S. overall trade deficit shrank by 9.3% in February. Imports from China, etc. decreased overall by 2.5%. If the decline in US demand leads to a decline in exports to the US and other Asian regions such as China and Mexico, it will further impact the world economy.