ANN/CHINA DAILY – Chinese products are gaining popularity among countries with high inflation, industry statistics showed.
According to Made-in-China.com, a platform for Chinese foreign trade enterprises, the platform traffic from North America’s market maintained a steady growth in the first eight months of 2022, which is nearly triple than that of the same period of 2019.
The bilateral trade between China and North America has stabilised at around USD700 billion in recent years. In the first nine months of 2022, the bilateral trade stood at USD750 billion.
And the bilateral trade figures are expected to ascend from the end of 2022.
According to the North American Market Development Express (Express) by Made-in-China.com, although high inflation in the US has had a negative impact on consumers’ demand to some extent, quality Chinese products, with a competitive price, could play an active role in helping to calm the inflation.
According to Express, China is still the largest exporter to the US, and the US imports from China can be mainly put into five categories: machinery and appliances, miscellaneous products, chemical products, textile raw materials and base metals.
With the export of China’s high value-added products, countries will gradually increase their dependence on Chinese products.
In addition, the depreciation of CNY against the US dollar will further enhance the competitiveness of Chinese goods in overseas markets.