China remains the 1st destination for US exports

China remained the top destination for US exports in 2020, the US-China Business Council (USCBC) reported.

Oilseeds and grains, oil and gas, and semiconductors and their constituents were largely the drivers of growth.

At the same time, the growth of US goods exports to China last year significantly outpaced the growth of exports to the rest of the world.

Specifically, exports to China increased by approximately 18% in 2020, while exports to the rest of the world fell 15%.

The disparity in exports is the result of China’s early recovery from the pandemic-induced economic slowdown.

The stark contrast between the growth of exports to China and that of the rest of the United States‘ major trading partners in 2020 can be largely attributed to China’s tariff exclusions and early post-Covid-19 economic recovery.

On average, according to the USCBC, exports from the United States (only products, not including services) to China have grown 2.4% annually over the last decade, which is faster than the rest of the main markets for United States goods. United.

As in 2019, the European Union (EU), Taiwan, Japan, and South Korea continued to export more products to China than the United States in 2020.

US Exports

While the EU was the only major import source to see an increase in 2019, it was also the only major import source to see a decline in 2020.

Imports from Taiwan, the United States, and Japan increased 16, 10, and 2%, respectively, while imports from South Korea remained the same.

The USCBC is a private, non-profit organization whose goal is to promote trade between the United States and China. It comprises about 200 American companies that trade and do business with China and receive about $ 13.9 million in fees and other funds each year.