In 2016, U.S. goods and
services trade with China totaled an estimated $648.5 billion in 2016.
Exports were $169.8 billion; imports were $478.8 billion. The U.S.
goods and services trade deficit with China was $385 billion in 2016.
China is currently our
largest goods trading partner with $578.2 billion in total (two way) goods
trade during 2016. Goods exports totaled $115.6 billion; goods imports totaled
$462.6 billion. The U.S. goods trade deficit with China was $347.0 billion
in 2016.
Trade in services with
China (exports and imports) totaled an estimated $70.3 billion in 2016.
Services exports were $54.2 billion; services imports were $16.1 billion. The
U.S. services trade surplus with China was $38.0 billion in 2016.
According to the U.S.
Department of Commerce, U.S. exports of goods and services to China supported
an estimated 911,000 jobs in 2015 (latest data available) (601,000 supported by
goods exports and 309,000 supported by services exports).
Exports
China was the United
States' 3rd largest goods export market in 2016.
U.S. goods exports to
China in 2016 were $115.6 billion, down 0.3% ($330 million) from 2015 but up
115.4% from 2006. U.S. exports to China are up 503% from 2001 (pre-WTO
accession). U.S. exports to China account for 8.0% of overall U.S. exports in
2016.
The top export categories
(2-digit HS) in 2016 were: miscellaneous grain, seeds, fruit (i.e.,
soybeans) ($15 billion), aircraft ($15 billion), electrical machinery ($12
billion), machinery ($11 billion) and vehicles ($11 billion).
U.S. exports of
agricultural products to China totaled $21 billion in 2016, our 2nd largest
agricultural export market. Leading export categories include: soybeans ($1
billion), coarse grains (ex. corn) ($1.0 billion), hides and skins ($949
million), pork and pork products ($713 million) and cotton ($553 million).
U.S. exports of services
to China were an estimated $54.2 billion in 2016, 11.6% ($5.6 billion) more
than 2015 and 412% greater than 2006 levels. It was up roughly 908% from
2001 (pre-WTO accession). Leading services exports from the U.S. to China in
2015 were in the travel, intellectual property (trademark, computer software)
and transport sectors.
Imports
China was the United
States' largest supplier of goods imports in 2016.
U.S. goods imports from
China totaled $462.6 billion in 2016, down 4.3% ($20.6 billion) from 2015, but
up 60.8% from 2006. U.S. imports from China are up 352% from 2001
(pre-WTO accession). U.S. imports from China account for 21.1% of overall
U.S. imports in 2016.
The top import categories
(2-digit HS) in 2016 were: electrical machinery ($129 billion), machinery ($97
billion), furniture and bedding ($29 billion), toys and sports equipment ($24
billion) and footwear ($15 billion).
U.S. imports of
agricultural products from China totaled $4.3 billion in 2016, our 3rd largest
supplier of agricultural imports. Leading categories include: processed
fruit and vegetables ($1.1 billion), fruit and vegetable juices ($328 million),
snack foods ($213 million), fresh vegetables ($205 million) and tea ($152
million).
U.S. imports of services
from China were an estimated $16.1 billion in 2016, 7.1% ($1.1 billion) more
than 2015 and 59.2% greater than 2006 levels. It was up roughly 351% from
2001 (pre-WTO accession). Leading services imports from China to the United
States in 2015 were in the travel, transport and research and development
sectors.
Trade Balance
The U.S. goods trade
deficit with China was $347.0 billion in 2016, a 5.5% decrease ($20.2 billion)
over 2015.
The United States has a
services trade surplus of an estimated $38 billion with China in 2016, up 13.6%
from 2015.
Comments
The US is
now the third-world country selling agricultural products and raw material to
China.
Norb
Leahy, Dunwoody GA Tea Party Leader
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