US Exports to China Rose 18% Last Year to Second-Highest Amount in Decade, Report Says
Feng Difan
DATE:  May 14 2021
/ SOURCE:  Yicai
US Exports to China Rose 18% Last Year to Second-Highest Amount in Decade, Report Says US Exports to China Rose 18% Last Year to Second-Highest Amount in Decade, Report Says

(Yicai Global) May 14 -- US exports to China grew by roughly 18 percent in 2020 to the second-highest value in ten years, as China’s quick recovery from the Covid-19 pandemic provided a huge market for US-made goods, according to a new report.

US exports to China amounted to USD123 billion last year, marking a healthy rally from a near-decade low in 2019, and helped China maintain its status as the US’ third-largest market despite bilateral tensions, according to non-profit organization US-China Business Council.

Oilseeds and grains, semiconductors and their components, oil and gas as well as motor vehicles were some of the US goods most sought after by China, the report said. A number of states also generated substantial returns from service exports such as travel, education and financial services.

China was one of the top five export destinations for 45 out of the US’ 50 states in 2020. Thirty-five states saw growth in goods exported to China and nine saw exports leap by over USD1 billion. This was while exports to the rest of the world dipped 15 percent.

China was the only major economy in the world to achieve positive economic growth last year, providing a huge market for the US and other nations, Wang Yong, professor at Peking University’s School of International Studies and director of the university’s Center for International Political Economy, told Yicai Global. 

China is a developing country with a huge population and its demand for US products and technologies will continue to exist, Wang said. The US also needs goods made in China that cannot be easily replaced by those from other regions.

China-US relations have a solid foundation for further development and the pair can mutually benefit economically, Wang added.

It is unclear if US exports can maintain this momentum over the long term, the report said.

Editors: Xu Wei, Kim Taylor

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Keywords:   Exports,US,China