SOURCE: The US-China Business Council
WASHINGTON, DC--(Marketwired - Apr 25, 2013) - China remained America's third-largest export market in 2012 -- behind only Canada and Mexico -- as shown in the 8th annual US State Exports to China report released today by the US-China Business Council (USCBC).
"The US-China trade relationship strengthens America's economy and creates well-paying jobs for many American workers across the country. In 2012, China remained the United States' third-largest export market, purchasing nearly $109 billion in US goods last year," USCBC President John Frisbie said. "As its economy and middle class expands, China will continue to play a significant role as an export market for a wide selection of US goods. Some estimates forecast that China may have nearly 600 million middle class consumers by the end of the decade."
"US exports to China remain a bright spot for many US companies, particularly with European demand weakening. Although China's economic growth also slowed last year, growth in US exports to China still expanded 6.5 percent, representing an increase of $6.6 billion," Frisbie said. "In 2012, 30 states exported more than $1 billion worth goods to China, with another 10 states exporting more than $500 million."
Though China continues to be the third-largest destination for US exports, USCBC notes that the United States' share of imports into China has fallen to 7 percent from 10 percent in 2000. In 2012, the United States was the fourth-largest source of Chinese imports, after the European Union, Japan, and South Korea.
"To help strengthen America's competitiveness in China, policy makers should consider developing a new US trade objective: reclaim a 10 percent share of China's imports by 2015," Frisbie concluded. "Regaining a 10 percent share of China's import market will help US companies provide innovative products and services to China, boosting overall US sales and global competitiveness."
Many sectors and states from across the country are benefitting from exports to China:
- Between 2003 and 2012 total US exports to China rose 294 percent, an increase of nearly $81 billion.
- Forty-two states have achieved triple-digit export growth to China since 2003, and four states experienced quadruple-digit growth over the same period -- Alabama, Nevada, South Carolina, and Vermont.
- Since 2009, 12 states have more than doubled their exports to China. These states are: South Carolina, Alabama, Arkansas, Michigan, Alaska, West Virginia, Connecticut, Vermont, Nevada, Oklahoma, Wyoming, and Georgia.
- In 2012, US exports to China came from a broad range of American sectors, including crop production, transportation equipment, electronics, chemicals, and machinery.
For the complete report, please visit: https://www.uschina.org/public/exports/2003_2012/full_state_report.pdf
For individual state information, please visit:
Top US State Exporters to China, 2012:
1. California $13.6 billion
2. Texas $10.1 billion
3. Washington $7.9 billion
4. Illinois $6.1 billion
5. New York $4.2 billion
6. Georgia $3.8 billion
7. Michigan $3.7 billion
8. Ohio $3.7 billion
9. Minnesota $3.5 billion
10. South Carolina $3.3 billion
11. Iowa $3.2 billion
12. Pennsylvania $3.0 billion
13. North Carolina $2.8 billion
14. Indiana $2.6 billion
15. Alabama $2.5 billion
The US-China Business Council (USCBC) is a private, nonpartisan, nonprofit organization of roughly 220 American companies that do business with China. Celebrating 40 years of operations in 2013, USCBC has provided unmatched information, advisory, advocacy, and program services to its membership. Through its offices in Washington, DC; Beijing; and Shanghai, USCBC is uniquely positioned to serve its members' interests in the United States and China.