The US-China Business Council (USCBC) today released its latest report, US Exports to China, an annual report that overviews the most recent data available on US goods and services exports to China, as well as the American jobs supported by those exports. The report includes detailed information on exports from every US state and congressional district to China. USCBC is a US-headquartered trade association of more than 270 American companies, including some of the most iconic brands.
The US-China trade relationship has grown steadily for decades, but those ties appeared to weaken slightly according to data covered in the report. While 2022 goods exports to China grew slightly compared to 2021 to reach an all-time high, those figures were largely boosted by inflation. Oilseeds and grains was the largest export category by far, while semiconductor and oil and gas exports saw significant declines. Services exports, the data for which lag a year behind that of goods exports, increased in 2021 but remained far below their pre-pandemic trajectory.
Despite headwinds in the trade relationship and impacts of the COVID-19 pandemic, total US exports of goods and services to China are estimated to have supported more than 1 million American jobs in 2021.
“Every state and congressional district has a unique economic and trade relationship with China,” said Craig Allen, USCBC president. “As policymakers in the United States and China each consider decisions related to the future of the bilateral relationship, it is important that they take into account the stabilizing and beneficial role of trade for both our countries.
“As our reports on US exports to China have shown year after year, exporting goods and services to China supports American businesses and livelihoods, from farmers and ranchers in the heartland, to entrepreneurs and innovators in Silicon Valley and beyond, to leaders in the semiconductor sector, and manufacturers across the country.”