After picking up speed in July 2022, the value of trade between the U.S. and China accelerated in August 2022 on the strength of U.S. exports to China.
That's largely attributable to China's lifting of its goverment's zero-COVID lockdowns in its third-busiest port in late August 2022. This event coincided with early shipments of U.S. soybeans to China, the U.S.' top export to the country that typically peaks in the period from September to November each year.
These factors combined to lift the combined value of goods traded between the U.S. and China in August 2022, which can be seen in the following chart.
The early surge in U.S. soybean exports will add a tailwind to U.S. economic growth in 2022-Q3. Similarly, China should see a rebound as well, though its ongoing government-mandated zero-COVID lockdowns represent a disruptive and negative force for its economy.
Reference
U.S. Census Bureau. Trade in Goods with China. Last updated: 5 October 2022. Accessed 5 October 2022.
Labels: trade
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