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U.S.-China Commission Report on Balance of trade

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This from the U.S. China Economic and Security Review Commission today…

The U.S. Census Bureau announced today that the cumulative trade deficit with China through October 2012 amounted to $262 billion, $16 billion higher than at the same point last year. Last year’s trade deficit with China was a record imbalance and was the largest bilateral U.S. trade deficit in history with any country. At this pace, the bilateral trade deficit with China this year is expected to be the highest on record. Although cumulative annual U.S. exports to China were up 6.4 percent over last year, this was offset by imports, which increased by 6.5 percent.

U.S. exports to China grew by 23.1 percent in October, the strongest month-on-month growth this year. While October tends to be a strong month for U.S. exports to China, a year ago the monthly increase was just 16.4 percent. As a result, U.S. exports to China are continuing to outpace U.S. exports to the world, which actually contracted in October.

Read the full report here.

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