{"id":11719,"date":"2015-04-21T21:31:20","date_gmt":"2015-04-22T01:31:20","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=11719"},"modified":"2015-04-21T21:31:20","modified_gmt":"2015-04-22T01:31:20","slug":"us-asia-trade-imbalance","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/","title":{"rendered":"US-Asia trade imbalance"},"content":{"rendered":"<p>Westpac produce a very detailed chart pack on the US economy called <a href=\"https:\/\/wibiq.westpac.com.au\/Publications.aspx?PublicationId=13418\" title=\"Westpac: Northern Exposure\" target=\"_blank\">Northern Exposure<\/a>. One item that stands out like a sore thumb is the trade imbalance between the US and Asia:<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" width=\"525\" height=\"343\" alt=\"US External Trade\" title=\"US External Trade\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-04-22-xm.png?resize=525%2C343&#038;ssl=1\" \/><\/p>\n<p>The trade balance between most countries and the US is close to equilibrium, where imports match exports:<\/p>\n<ul>\n<li>Mexico: 2% surplus<\/li>\n<li>UK: 1% surplus<\/li>\n<li>Eurozone: 1% deficit<\/li>\n<li>Other: 2% surplus<\/li>\n<\/ul>\n<p>But there are three notable exceptions:<\/p>\n<ul>\n<li>China: 15% deficit<\/li>\n<li>Japan: 3% deficit<\/li>\n<li>Canada: 9% surplus<\/li>\n<\/ul>\n<p>Any large trade imbalance should cause the exchange rate between the two countries to rise or fall, making the exports of the net exporter more expensive and imports from the net importer cheaper, until balance is restored. But this has not happened with China and Japan. They are manipulating the system: investing a large portion of their trade surplus back in the US through the financial account, so that trade flows in one direction are offset by capital flows in the other. Their actions are clearly visible in the growth of Rest of World investment in US Treasury securities.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" width=\"525\" height=\"352\" alt=\"Holders of US Treasury Securities\" title=\"Holders of US Treasury Securities\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-04-22-row.png?resize=525%2C352&#038;ssl=1\" \/><\/p>\n<p>That is the reason why the US consistently runs massive trade deficits and why the manufacturing sector has been shedding jobs for the last two decades. This could be prevented if the US was willing to regulate capital flows on the financial account: &#8220;we will open our capital markets to you if you open yours to US investors&#8221;.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Westpac produce a very detailed chart pack on the US economy called Northern Exposure. One item that stands out like a sore thumb is the trade imbalance between the US and Asia: The trade balance between most countries and the US is close to equilibrium, where imports match exports: Mexico: 2% surplus UK: 1% surplus &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;US-Asia trade imbalance&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41,17,34],"tags":[581,1328,1375,1793,3447,3450,3456],"class_list":["post-11719","post","type-post","status-publish","format-standard","hentry","category-china-hk","category-japan-korea","category-us-canada-countries-regions","tag-capital-flows","tag-exports","tag-financial-account","tag-imports","tag-trade-balance","tag-trade-deficit","tag-trade-surplus"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>US-Asia trade imbalance - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US-Asia trade imbalance - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Westpac produce a very detailed chart pack on the US economy called Northern Exposure. One item that stands out like a sore thumb is the trade imbalance between the US and Asia: The trade balance between most countries and the US is close to equilibrium, where imports match exports: Mexico: 2% surplus UK: 1% surplus &hellip; Continue reading &quot;US-Asia trade imbalance&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2015-04-22T01:31:20+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2015\/2015-04-22-xm.png\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"US-Asia trade imbalance\",\"datePublished\":\"2015-04-22T01:31:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/\"},\"wordCount\":229,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2015\/2015-04-22-xm.png\",\"keywords\":[\"capital flows\",\"Exports\",\"financial account\",\"imports\",\"Trade Balance\",\"trade deficit\",\"trade surplus\"],\"articleSection\":[\"China &amp; HK\",\"Japan &amp; Korea\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/\",\"name\":\"US-Asia trade imbalance - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2015\/2015-04-22-xm.png\",\"datePublished\":\"2015-04-22T01:31:20+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/#primaryimage\",\"url\":\"https:\/\/www.incrediblecharts.com\/images\/2015\/2015-04-22-xm.png\",\"contentUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2015\/2015-04-22-xm.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/21\/us-asia-trade-imbalance\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"US-Asia trade imbalance\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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However, history shows that there are always actors who are prepared to further their interests at the expense of others. Many countries have employed beggar-thy-neighbor trade strategies to boost their manufacturing\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"US Manufacturing Jobs","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-11-25-mnfg-jobs.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-11-25-mnfg-jobs.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-11-25-mnfg-jobs.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":11531,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/02\/09\/sectoral-imbalances-the-purple-jobs-eater\/","url_meta":{"origin":11719,"position":1},"title":"Sectoral imbalances: Where have all the jobs gone?","author":"ColinTwiggs","date":"February 9, 2015","format":false,"excerpt":"Great post on Twitter from Naufal Sanaullah depicting US sectoral balances using UK economist Wynne Godley's analytical framework. The key to understanding Godley's analysis is that the sum of the four sectors is always zero. If one sector runs a deficit, it must be funded by a surplus in another\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Output Gap: Wikipedia","src":"http:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/0\/0a\/Actual_potential_GDP_output_gap_CBO_Jan_09_outlook.png\/250px-Actual_potential_GDP_output_gap_CBO_Jan_09_outlook.png","width":350,"height":200},"classes":[]},{"id":21475,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/09\/12\/china-boosts-copper-imports\/","url_meta":{"origin":11719,"position":2},"title":"China boosts Copper imports","author":"Colin Twiggs","date":"September 12, 2020","format":false,"excerpt":"China has enjoyed a large current account surplus in recent months due to its rapid recovery from the COVID19 pandemic. Brad Setser writes \"continued strength in exports has helped China post monthly (goods) surpluses of around $60 billion in July and August.\" David Ingles highlights that China has bought record\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12223,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/08\/22\/chinas-dangerous-currency-manipulation\/","url_meta":{"origin":11719,"position":3},"title":"China&#8217;s dangerous currency manipulation","author":"ColinTwiggs","date":"August 22, 2015","format":false,"excerpt":"I am surprised at John Mauldin's view in his latest newsletter Playing the Chinese Trump Card: ....This whole myth that China has purposely kept their currency undervalued needs to be completely excised from the economic discussion. First off, the two largest currency-manipulating central banks currently at work in the world\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Foreign Reserves","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-08-19-fxreserves.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-08-19-fxreserves.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-08-19-fxreserves.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":4032,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/05\/australias-surplus-dreams-are-just-that-wsj-com\/","url_meta":{"origin":11719,"position":4},"title":"Australia&#039;s Surplus Dreams Are Just That &#8211; WSJ.com","author":"Colin Twiggs","date":"April 5, 2012","format":false,"excerpt":"Cynthia Koons: Not only were [Australian] exports down, but imports declined too. Imports of goods for consumption fell 7%, reflecting caution in Australian households. Capital goods imports fell by 5%, a number that should be a particular concern for policy makers: A slowdown in purchases of machinery and equipment could\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":47634,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/01\/24\/the-shell-game\/","url_meta":{"origin":11719,"position":5},"title":"The shell game","author":"Colin Twiggs","date":"January 24, 2024","format":false,"excerpt":"An interesting discussion with Prof. Percy Allan from University of Technology, Sydney regarding what caused declining economic growth in recent decades. The chart below shows how real GDP growth in the US declined over the past sixty years -- from a 10-year average above 4.0% to a low of 2.2%\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Real GDP Growth","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=11719"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11719\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=11719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=11719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=11719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}