Revised values for westbound trade are considered in part В of Table 5. The Hong Kong value-added shown in the first column is computed using the simple average of the markups obtained from methods A and В in Table 4 (with QRATI0>1).15 Because these markups are all rather small, the precise figures which are used has little influence on the results. The revised value of U.S. exports shown in the second column is obtained from the published value of U.S. exports (Table IB, column 1), and adding the value reported by Hong Kong for U.S. re-exports to the China (Table IB, column 5), less the value-added onto these goods in Hong Kong. In 1995, this results in U.S. exports to China of $16.7 billion, as compared to the reported value of $11.8 billion. Taking the difference between these exports and the revised value of U.S. imports from China in 1995, we obtain the trade deficit of $21.6 billion in 1995 (shown in part С of Table ). This compares with a deficit of $33.8 billion using the published U.S. figure for 1995, so that our revised estimate is about two-thirds of its original value. payday loans with no bank account
|(A) Eastbound trade (China Exports and US Imports), in Million IJSfc|
|(B) Westbound trade (US Exports and China Imports), in Million US$|
|(C) Trade Balance Between US and China, in Million US$|
|Year||US Data||China Data|
Turning to the Chinese data, the published import data from the U.S. is recorded on a c.i.f. (cost including freight) basis, whereas the U.S. export are recorded as f.a.s. (free along side), which does not include any transportation charges. In order to make these comparable, we multiply the original Chinese imports by 0.94, which offsets the inclusion of transportation charges. The revised value for Chinese imports from the U.S. is $15.2 billion in 1995 (Table 5B, column 3). Taking the difference with the revised value for U.S. exports to China we obtain a discrepancy of -$1.6 billion, with the U.S. exports being higher. This compares to a discrepancy of $4.4 billion in the published figures, with the U.S. exports being less than Chinese imports. Thus, the discrepancy is reduced to about one-third of its original magnitude.