China grabs larger share of Asian exports to U.S.
Mainland China and Hong Kong lifted their combined share of Asia to the U.S. containerized cargoes to 70 percent in January, as China seized new newly opened textile market in America following the ending of the quota system Jan. 1.
“By country, China and Hong Kong together have further strengthened (their) position,” MOL Research said in a new report.
Commenting on U.S. containerized imports from all of Asia, MOL Research reported that the overall volume of eastbound shipments of yarn, fiber and textiles rose 10 percent in January, compared to the same month in 2004.
But China has grabbed a bigger share of Asian exports of textile-related products to the United States and elsewhere. According to statistics of China’s Ministry of Commerce, Chinese exports of yarn, fabric and products to the rest of the world jumped 35 percent to $2.9 billion in January, when compared to the previous January. Chinese exports of accessories of garment and dress rose 26 percent to $5.3 billion over the same period.
Last month, the U.S. Census Bureau reported that the goods deficit with China increased to $15.3 billion in January, from $14.3 billion in December. U.S. exports to China decreased about $700 million (primarily soybeans) to $2.6 billion, while imports from China increased about $300 million (primarily apparel and footwear) to $17.9 billion.
Growing imports from China by both the United States and Europe have created a political backlash, with domestic producers and interests in the importing countries calling for protectionist measures.
Overall eastbound container trade from Asia to the United States was 959,213 TEUs in January, up 12.5 percent when compared to January last year, MOL Research said. By contrast, westbound U.S.-to-Asia cargo movements declined 2.5 percent to 317,131 TEUs in January, resulting in an even wider imbalance between the eastbound and westbound trades.