Recall how the Obama administration refuses to label China a currency manipulator. Now recall the U.S. needs 10,600,000 jobs just to return to a 5% unemployment rate. Now recall the U.S. has lost 2.4 million jobs due to China from 2001-2008.
Now the news, China's trade gap increased 140% from one year ago.
The trade gap rose 140 percent, to $20.02 billion, compared with a year earlier, the customs bureau said on its Web site on Saturday. That compares with the $15.6 billion median estimate of 24 economists surveyed by Bloomberg News. Exports surged 43.9 percent compared with a year earlier and import growth moderated for the third month, rising by 34.1 percent.
Notice how exports soared while imports, uh, not so much.
The value of outbound shipments rose to a record $137.4 billion last month, the customs bureau said. The previous high was $136.68 billion in July 2008, before the global financial crisis deepened. The 43.9 percent expansion compared with the median 38 percent forecast in a Bloomberg News survey of 24 economists.
Imports climbed to $117.4 billion, the third highest this year. The 34.1 percent gain compares with the median forecast of 35.4 percent in the Bloomberg survey.
Also, it's not just the United States that's getting hammered by China's mercantile practices, here are some statistics on country trade with China:
Exports to Europe were up 36 percent in June from a year earlier while those to the United States rose 28.3 percent. China's politically sensitive trade surplus with the United States was $17.6 billion.
Exports to some developing markets rose much faster, reflecting the uneven recovery of global demand. Shipments of Chinese goods to Brazil jumped 103.7 percent and to Russia by 59.2 percent.
A side fact, China is the biggest producer of sex toys. The analogy is left to the reader.