US overtakes EU as its top export market: China

US overtakes EU as its top export market: China
Updated on

Summary China's exports to the United States in the first 10 months of this year totalled $289.3 billion.

 

China said Tuesday that the United States has overtaken the European Union as its biggest export market, as the continent s debt crisis has sent demand slumping.
 

 

"The biggest is the US and the EU is second," Commerce Ministry spokesman Shen Danyang told reporters at a regular briefing. "The EU used to be the biggest."
 

 

China s exports to the United States in the first 10 months of this year totalled $289.3 billion, while shipments to the EU came to $276.8 billion, according to Chinese customs figures.
 

 

Weak demand from both Europe and the US has been a big factor as China s economic growth has slowed over the past seven quarters to the end of September.
 

 

Economic growth in the United States remains weak but is expanding, while the eurozone s debilitating debt crisis has dragged it back into recession.
 

 

Shen also said the Association of Southeast Asian Nations had moved past Japan as China s third-biggest export market. Japan, which is in the midst of a diplomatic row with China that has hit trade between the two nations, slipped to fourth place.

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