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China Daily Website

US trade deficit with China hit record high in October

Updated: 2012-12-12 21:31

The United States trade deficit with China was 29.5 billion in October, and the country's trade deficit grew 4.8 percent in October from September to $42.2 billion, the US Commerce Department said on Dec 11.

Exports to China rose by 23 percent in October from September, reaching $10.82 billion. Imports from China added $2.44 billion, or an increase of 6.5 percent, to reach $40.29 billion.

China is the US' second largest goods trading partner with $503 billion in total of goods trade in 2011. Goods exports totaled $104 billion while goods imports totaled $399 billion. The US goods trade deficit with China was $295 billion in 2011, according to the Office of the US Trade Representative.

The US did not label China a currency manipulator in the US Treasury's semi-annual report on Nov 27 but said that the currency remained "significantly undervalued".