November 14, 2012
2012 Report to Congress - U.S.-China Economic and Security Review Commission
"Although the U.S. trade deficit in goods with China fell in 2009 as a result of the global recession, it has since surged, reaching a record high of $295.4 billion in 2011, up from $273.1 billion in 2010. For the first eight months of 2012, the United States exported $69.9 billion worth of goods to China and imported $273.1 billion from China, for a deficit of $203.1 billion. The deficit in goods with China is by far the largest among U.S. trading partners and 40.6 percent of the total in 2011. Currency appreciation leveled out in 2012: The renminbi (RMB) did not appreciate as much as in 2011, and there are even signs that the Chinese government may devalue the RMB to boost exports."