China passed Mexico as the second- largest U.S. trading partner in the first 10 months of this year, demonstrating a surge in commerce between the two countries since China joined the World Trade Organization.
The milestone was revealed in Commerce Department data released today. China was the fourth-largest U.S. trading partner when it joined the WTO in 2001, behind Canada, Mexico and Japan. Canada still has the most trade with the U.S.
“China has opened to trade and investment and come on very strong,” said Ernest Preeg, a senior fellow at the Manufacturers Alliance in Arlington, Virginia, which represents companies such as aircraft maker Textron Inc. and factory-equipment maker Rockwell Automation Inc.[Full Text]
-Detailed U.S.-China trade figures are here (pdf)