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Wal-Mart & China: Cozy, multi-billion dollar bedfellows
For Immediate Release
Monday, July 11, 2005
PRESS INQUIRIES
For press inquiries, contact us at (202) 557-7440.
Washington, DC, July 11, 2005 – Today’s news reports show that China’s trade surplus has soared to $9.68 billion, a five-fold increase from the previous year. The country’s strong export growth – a rise of more than 30% on the year – is furthering the criticism that China has an unfair trade advantage. Ominously, as officials meet today in Beijing, experts warn of a trade war if China does not begin importing more goods and services. Meanwhile, Wal-Mart – the company that used to proudly tout the “Buy American” motto of founder Sam Walton – remains hugely responsible for growing China’s economy in its model of endless expansion and supplier squeezes.
“Walk down any Wal-Mart aisle and note where the products come from. Then think about the millions of American jobs lost at the expense of those cheaper Chinese goods,” said Wal-Mart Watch Executive Director Andrew Grossman. “Will Wal-Mart continue to aid China in sinking the U.S. economy?”
As Wal-Mart Watch recently noted in its annual report, Wal-Mart is a massive and unique contributor to China’s trade imbalance.
* At least 70% of non-food items sold at Wal-Mart stores have a Chinese component.
* Wal-Mart imports an estimated $18 billion in products from China each year.
* Experts believe Wal-Mart is China’s eighth largest trading partner, importing more goods than entire countries like England and Russia.
Read more about the uncomfortably close, and increasingly dangerous, relationship of Wal-Mart and China. The Wal-Mart Watch report and accompanying citations can be found here.
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