U˳S˳-China Trade Facts
Overview
- 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)˳
Exports
- China was the United States’ 3rd largest goods 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 agricultural export market˳ Leading domestic 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˳
Imports
- China was the United States’ largest supplier of goods imports in 2020˳
- U˳S˳ goods imports from China totaled $434˳7 billion in 2020, down 3˳6 percent ($16˳0 billion) from 2019, but up 19 percent from 2010˳ U˳S˳ imports from are up 325 percent from 2001 (pre-WTO accession)˳ U˳S˳ imports from China account for 18˳6 percent of overall U˳S˳ imports in 2020˳
- The top import categories (2-digit HS) in 2020 were: electrical machinery ($111 billion), machinery ($97 billion), toys and sports equipment ($26 billion), furniture and bedding ($23 billion), and miscellaneous textile articles ($21 billion)˳
- U˳S˳ total imports of agricultural products from China totaled $3˳8 billion in 2020, our 7th largest supplier of agricultural imports˳ Leading categories include: processed fruit and vegetables ($896 million), food preparations ($327 million), dog and cat food ($202 million), fruit and vegetable juices ($198 million), and other livestock products ($193 million)˳
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U˳S˳ imports of services from China were an estimated $15˳6 billion in 2020, 21˳2 percent ($4˳2 billion) less than 2019, but 36 percent greater than 2010 levels˳ It was up roughly 370˳9 percent from 2001 (pre-WTO accession)˳ Leading services imports from China to the U˳S˳ were in the transportation, research and development, and professional and management services sectors˳
Trade Balance
- The U˳S˳ goods trade deficit with China was $310˳3 billion in 2020, a 9˳9 percent decrease ($34˳0 billion) over 2019˳
- The United States has a services trade surplus of an estimated $24˳8 billion with China in 2020, down 37˳3 percent from 2019˳
Investment
- 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˳
- China’s FDI in the United States (stock) was $38˳0 billion in 2020, down 4˳2 percent from 2019˳ China’s reported direct investment in the U˳S˳ is led by wholesale trade, manufacturing, and information services˳
- Sales of services in China by majority U˳S˳-owned affiliates were $59˳6 billion in 2018 (latest data available), while sales of services in the United States by majority China-owned firms were $20˳6 billion˳
