U.S. Exports to China Grew 4 Times Faster Than Exports to the Rest of the World from 2000 to 2010
We hear a lot about Chinese exports to the U.S., but we don't hear as much about U.S. exports to China. Here are some facts from the U.S.-China Business Council:
China is the third largest export market for the United States ($92 billion in 2010), behind our NAFTA partners #1 Canada ($248 billion) and #2 Mexico ($163 billion), and head of #4 Japan ($60.5 billion) and #5 U.K. ($48.5 billion).
Our top five exports to China in 2010 were: Computers and electronics ($15.3 billion), farm products ($13.8 billion), chemicals ($11.8 billion), transportation equipment ($10.6 billion) and machinery ($9.3 billion). Except for farm production, the other top four export categories are all American manufactured products with the "Made in the U.S.A." label.
Over the last decade from 2000 to 2010, U.S. exports to China grew by 468%, which was more than 8 times the 55.7% growth in exports to the rest of the world (see chart above of indexes for both series that are equal to 100 in the year 2000). On an annual basis, exports to China have been growing at an average rate of 19% over the last decade, more than four times faster than the 4.5% annual growth rate for exports to the rest of the world.