US Exports to China 2024, USCBC, Apr. 23, 2024.
This report explores the latest comprehensive data available for exports of both US goods (2023) and services (2022) to China as well as for the jobs they support.
China is a leading market for both goods and services exports. China was the United States’ third-largest goods export market in 2023 and sixth-largest services export market in 2022. When it comes to combined goods and services exports, China was the top export market for three states, in the top three markets for 32 states, and in the top five markets for all but seven states in 2022.
Jobs supported by exports to China outnumber those supported by the next two Asian markets combined. Agriculture and livestock exports to China support more US jobs than any other sector by a wide margin.
After reaching a record high the year before, goods exports to China dropped by 4.3 percent in 2023. Stunted economic growth in China, Russia’s war in Ukraine, and challenges in the US-China government-to-government relationship—in addition to long-standing barriers, such as tariffs—are weighing on bilateral trade. Geopolitical tensions and broader economic slowdowns around the world have also led to declines in exports to other leading markets.
Oilseeds and grains remain the United States’ top export to China despite falling $7 billion. Challenges in this sector will worsen if other producers continue to become more competitive or if these products are targeted in a future tariff spat.
Exports of semiconductors and their components have also dropped by several billion dollars. Since peaking in 2021, those exports have fallen by 52 percent. Oregon’s exports comprise the bulk of the national decline in this category.
When it comes to services, exports to China increased slightly in 2022 but did not recover from COVID-19 travel restrictions. While travel services have traditionally been among the largest services exports to China, they have only just begun to recover, with their 2022 level reaching just 10 percent of their pre-pandemic value. Similarly, the number of jobs supported by travel exports to China sits at 15,400, just a fraction of the nearly 130,000 jobs supported by Chinese travelers before the pandemic. In 2022, education and royalties from industrial processes were the largest categories of services exports.
Read the full report
https://www.uschina.org/sites/default/files/2024_us_exports_to_china_report.pdf
The annual export report provides a full readout of US goods and services exports to China as well as the jobs supported by those exports. It also covers high-level trends within top export industries and looks into individual states' and districts' trade relationships with China.
Read the executive summary in Chinese here.