China Replaced Canada as US Top Trade Partner
For the first time China have replaced Canada as the United States top trade partner from January until September. The figures came from the US department of Commerce as trade volume between China and the US have reached $441.6 billion for the first three quarters of the year, surpassing Canada’s trade volume of $438.1 billion. The change mainly reflects the declining price for commodities especially in crude oil. The value of US oil imports decreased to its lowest level since 2004 and Canada’s crude oil it is largest export. But the US is demanding for more higher value added goods from China.
This is a milestone for Chinese exports and is reflecting an inevitable shift of shipping low end goods such as clothes and toys into higher value added products to the world biggest economy. The US government made specific plans which include the Advanced Manufacturing Partnership program that will accelerate the modernization of the traditional industries resulting to US companies needing to import more manufacturing and electronic equipment and parts to improve the efficiency and competitive power.
China is under an industrial boom and is upgrading its manufacturing structure, their fast growing industries includes high speed rail equipment, household digital and intelligent devices, big data and interactive and ultra high definition electronic products are the main good that will be shipped to the US in the next ten years.