The world’s second largest economy continues to be an important market for the economic health of American companies and farmers, according to the US-China Business Council’s (USCBC) annual report on US State Exports to China.
In 2015, US goods exports to China reached $113 billion, making it the third-largest export market for US goods behind Canada and Mexico, America’s neighbors and NAFTA partners.
US services exports to China are growing rapidly. In 2014, the latest year available for full year data, US services exports to China totaled $42 billion, making China the United States’ fourth largest services export market.
“Exports to China play an essential role in the US economy and job growth,”USCBC President John Frisbie said. “With China’s large population, rapidly growing middle class, and a long list of economic development goals, American companies of all sizes are sending a variety goods and products to an ever growing consumer and business marketplace in China.
The study also found that 31 states experienced at least triple-digit goods export growth to China since 2006, and four states saw export growth of more than 500 percent over the same period – Alabama, Montana, North Dakota and South Carolina.
Every US state had triple-digit services export growth to China since 2006, ten of which had export growth of more than 400 percent.
Though China is a significant market for American exports, the United States has a small share of China’s overall market. US share of products sent to China account for just over 6.5 percent of total Chinese imports, falling well behind competition from the European Union and South Korea.
To increase American exports to China, USCBC is working to advance a number of initiatives in Washington, DC and Beijing that would lower market access barriers and improve global competitiveness for American companies selling to China.