Published on : Jun 18, 2015
U.S. and China may have stressed political records, but the business end is hitting high records. Exports to China from U.S have increased by 198% during the past 10 years. China has become third target for exports from U.S. following Canada and Mexico. 42 states in U.S. have witnessed triple digit export development to China since 2005 according to the report. The records indicate that U.S. exports to China have grown by 1.5% from 2013 to $124 billion in 2014 making it the third largest export market for U.S.
This growth is higher than any of the U.S. list of exporting markets worldwide, including Mexico and Canada. The information was provided in the annual report for U.S. exports to China by the U.S. China Business Council (USCBC) on Tuesday.
China is a major contributor to the economic progress of U.S. as the exports to China supports an extensive range of industries. These U.S. based industries include computers, crop production, electronics, transportation equipment and chemicals. The data was acquired from the U.S. Commerce Department and states that inclusive of China, global exports have provided 11.7 million jobs in United States in 2014.
However, the report estimates that the development of U.S. exports to China will be lower than previous years due to China’s economic slowdown. But the U.S. industries have new opportunity in China markets due to the expansion of the middle class population and its new consumer driven growth.
According to USCBC president John Frisbie the last ten years has seen the increase of U.S. exports to China by 198% which is greater than any other export market including Canada with 47% growth and 102% growth with Mexico.