China is the 3rd Largest Export Market of U.S.
U.S. largest export market
According to the office of the US trade representative reported, China was the United States’ goods 3rd largest export market and 1st largest agricultural export market in 2020.
U.S. goods exports to China in 2020 were $124.5 billion, up 16.9 percent ($18.0 billion) from 2019 and up 35 percent from 2010. U.S. exports to China are up 549.0 percent from 2001 (pre-WTO accession). U.S. exports to China account for 8.7 percent of overall U.S. exports in 2020.
The top export categories (2-digit HS) in 2020 were: electrical machinery ($17 billion), oilseeds and oleaginous fruits (soybeans) ($15 billion), machinery ($14 billion), mineral fuels ($10.0 billion), and optical and medical instruments ($9.5 billion).
U.S. total exports of agricultural products to China totaled $26.5 billion in 2020, our largest export market of agricultural products. Leading domestic argicultural export categories include: soybeans ($14 billion), pork and pork products ($2.3 billion), cotton ($1.8 billion), corn ($1.2 billion), and coarse grains (excluding corn) ($1.1 billion).
U.S. exports of services to China were an estimated $40.4 billion in 2020, 31.9 percent ($19 billion) less than 2019, but 97 percent greater than 2010 levels. It was up roughly 617.7 percent from 2001 (pre-WTO accession). Leading services exports from the U.S. to China were in the travel, intellectual property (licenses for the use of research and development), and financial services sectors.
U.S. foreign direct investment (FDI) in China (stock) was $123.9 billion in 2020, a 9.4 percent increase from 2019. U.S. direct investment in China is led by manufacturing, wholesale trade, and finance and insurance.
U.S.-China Trade Facts
In 2020, China GDP was an estimated $14.9 trillion (current market exchange rates); real GDP was up by an estimated 1.9 percent; and the population was 1.4 billion. (Source: IMF)
U.S. goods and services trade with China totaled an estimated $615.2 billion in 2020. Exports were $164.9 billion; imports were $450.4 billion. The U.S. goods and services trade deficit with China was $285.5 billion in 2020.
China is currently our largest goods trading partner with $559.2 billion in total (two way) goods trade during 2020. Goods exports totaled $124.5 billion; goods imports totaled $434.7 billion. The U.S. goods trade deficit with China was $310.3 billion in 2020.
Trade in services with China (exports and imports) totaled an estimated $56.0 billion in 2020. Services exports were $40.4 billion; services imports were $15.6 billion. The U.S. services trade surplus with China was $24.8 billion in 2020.
According to the Department of Commerce, U.S. exports of goods and services to China supported an estimated 758,000 jobs in 2019 (latest data available) (475,000 supported by goods exports and 283,000 supported by services exports).
Source: office of the U.S. trade representative published
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