U.S.-China Trade Facts
U.S. goods and private services trade with China totaled $579 billion in 2012 (latest data available). Exports totaled $141 billion; Imports totaled $439 billion. The U.S. goods and services trade deficit with China was $298 billion in 2012.
China is currently our 2nd largest goods trading partner with $562 billion in total (two ways) goods trade during 2013. Goods exports totaled $122 billion; Goods imports totaled $440 billion. The U.S. goods trade deficit with China was $318 billion in 2013.
Trade in private services with China (exports and imports) totaled $43 billion in 2012 (latest data available). Services exports were $30 billion; Services imports were $13 billion. The U.S. services trade surplus with China was $17 billion in 2012.
Exports
China was the United States’ 3rd largest goods export market in 2013.
U.S. goods exports to China in 2013 were $122.1 billion, up 10.4% ($11.5 billion) from 2012, and up 330% from 2003. It is up 536% since 2001 (when China entered the WTO). U.S. exports to China accounted for 7.7% of overall U.S. exports in 2013.
The top export categories (2-digit HS) in 2013 were: Miscellaneous Grain, Seed, Fruit (soybeans) ($13.8 billion), Aircraft ($12.6 billion), Machinery ($12.2 billion), Electrical Machinery ($11.4 billion), and Vehicles ($10.3 billion).
U.S. exports of agricultural products to China totaled $25.9 billion in 2013, the largest U.S. Ag export market. Leading categories include: soybeans ($13.4 billion), cotton ($2.2 billion), hides and skins ($1.7 billion), and distillers grains ($1.4 billion).
U.S. exports of private commercial services* (i.e., excluding military and government) to China were $30.0 billion in 2012 (latest data available), 10.9% ($3.0 billion) more than 2011 and 418% greater than 2002. It is up 455% since 2001. Other private services (education and business, professional and technical services), travel, and the royalties and license fees (industrial processes, trademarks) categories accounted for most of U.S. services exports to China.
Imports
China was the United States’ largest supplier of goods imports in 2013.
U.S. goods imports from China totaled $440.4 billion in 2013, a 3.5 % increase ($14.9 billion) from 2012, and up 189% since 2003. It is up 331% since 2001. U.S. imports from China accounted for 19.4% of overall U.S. imports in 2013.
The five largest import categories in 2013 were: Electrical Machinery ($117.5 billion), Machinery ($100.4 billion), Furniture and Bedding ($24.1 billion), Toys and Sports Equipment ($21.7 billion), and Footwear ($17.0 billion).
U.S. imports of agricultural products from China totaled $4.4 billion in 2013, the 3rd largest supplier of Ag imports. Leading categories include: processed fruit and vegetables ($973 million), fruit and vegetable juices ($542 million), fresh vegetables ($214 million), and snack foods (including chocolate) ($195 million).
U.S. imports of private commercial services* (i.e., excluding military and government) were $13.0 billion in 2012 (latest data available), up 12.3% ($1.4 billion) from 2011 and up 222% from 2002. It is up 268% since 2001. The other private services (business, professional and technical services), the other transportation (freight services), and travel categories accounted for most of U.S. services imports from China.
Trade Balance
The U.S. goods trade deficit with China was $318.4 billion in 2013, an 1.1% increase ($3.3 billion) over 2012. The U.S. goods trade deficit with China accounted for 46.3% of the overall U.S. goods trade deficit in 2013.
The United States has a services trade surplus of $17.0 billion with China in 2012 (latest data available), up 9.9% from 2011.
Investment
U.S. foreign direct investment (FDI) in China (stock) was $51.4 billion in 2012 (latest data available), a 7.1% decrease from 2011.
U.S. direct investment in China is led by the manufacturing, wholesale trade, banking and finance/insurance sectors.
China FDI in the United States (stock) was $5.2 billion in 2012 (latest data available), up 38.2% from 2011.
China direct investment in the U.S. is led by the banking and wholesale trade sectors.
Sales of services in China by majority U.S.-owned affiliates were $35.2 billion in 2011 (latest data available), while sales of services in the United States by majority China-owned firms were $1.4 billion.
*Note: Refers to private services trade not including U.S. military sales, direct defense expenditures, and other miscellaneous U.S. government services.
4/4/2014