Much of remaining difference on westbound trade reflects the treatment of aircraft exports to China, as well as car exports. The Chinese Customs authorities treat aircraft exports from the U.S. as a lease, and count only the value of the lease that year, whereas the United States counts the entire value of the aircraft as an export.16 In addition, cars brought into China by foreigners for personal use are not included in published trade statistics, whereas the U.S. would include these as exports, which also helps to explain why the revised U.S. exports are higher.
Taking the difference between the revised value of Chinese imports and exports with the U.S., we obtain another estimate of the U.S.-China trade deficit shown in the second column of Table 5, part C: the revised Chinese numbers give a deficit of $15.6 billion in 1995, as compared to $21.6 billion from the revised U.S. figures. These differ by $5 billion, while the original data had a difference of $25.2 billion for 1995 in the trade deficits reported in Table 1, part C. Figure 3 graphs the two official estimates and our revised estimates. Thus, proper attribution of trade flows through Hong Kong has therefore tremendously reduced the discrepancy in the U.S. and Chinese values of the trade deficit, to one-fifth of its original size. It is hoped that these calculations will prove useful to official statistical agencies in both countries, so that the trade figures reported by each will be in closer correspondence, and can therefore contribute to improved understanding of the bilateral trade situation. help with payday loans