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US, China Trade Surplus Hits Record High in September - Customs Data

© AFP 2023 / STRThis picture taken on March 7, 2014 shows a man working beside a cargo ship in Qingdao port in Qingdao, east China's Shandong province
This picture taken on March 7, 2014 shows a man working beside a cargo ship in Qingdao port in Qingdao, east China's Shandong province - Sputnik International
China's trade surplus with the United States ballooned to a record of $34.13 billion in September, compared with $31.05 billion in August, Reuters reported Friday, citing official Chinese customs data.

According to the official data, Beijing's exports to the US rose to $46.7 billion while imports slumped to $12.6 billion, despite the escalating tit-for-tat trade levies.

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China's export data has been unexpectedly resilient to the trade tariffs, possibly because companies ramped up shipments before broader US duties went into effect, Reuters reported. For January-September, China's trade surplus with the US was $225.79 billion, compared with about $196.01 billion in the same period last year.

On Thursday, the South China Morning Post reported that Beijing was looking into joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTTP), formed after the US pullout, in order to hedge against the consequences of the trade war with Washington.

READ MORE: US, China Trade War Continues: Beijing Vows Not to Erect Market Barriers

The trade war between China and the United States escalated in June when US President Donald Trump announced that $50 billion worth of Chinese goods would be subject to 25 percent tariffs, with Beijing responding in kind.

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The latest round of the US tariffs came into effect in September, which deteriorated the situation even further. Washington  has imposed sanctions on the Chinese Defense Ministry and the Russian state arms exporter Rosoboronexport over China's intentions to purchase Russian aircraft and S-400 air defense missile systems. This has reportedly triggered China's withdrawal from the trade talks.

Russian Economic Development Ministry said in a statement on Monday that Moscow is ready to increase imports to China to compensate for the decreasing supply of US goods to the Chinese market amid the trade war between the two countries.

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