ABSTRACT
China's total annual trade in 1974 was about 14 billion, 40 percent above the 1973 figure. The trade deficit was close to $1 billion, compared with only about $80 million in 1973. It was the first time China showed deficits for two straight years since the early 1950s when substantial amounts of plants and equipment were bought from the U.S.S.R. Minerals, metals, fuels, chemicals, fertilizers, mineral-related products, and equipment and plants for mineral and metal development, extraction, and processing were very important components of China's overall trade. Trade between Japan and the People's Republic of China has grown spectacularly since their resumption of diplomatic relations in September 1972. Sino-American trade in 1974 totaled $934 million including $819 million from the United States to China. Mineral trade and Chinese purchases of western industrial equipment are subjects of great interest to the outside world. In nonmetallics, fertilizers to support agriculture are fundamental.
