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US exports to China maintain an upward trend

US exports of products to China have been on an upward trend since 2020, after falling for two continuous years.

First, foreign sales of US goods to the Chinese market fell 7% in 2018 and then fell 11% in 2019.

But in 2020, US exports to that destination grew 17 percent.

Finally, these sales advanced 52.7% in the period from January to April 2021, to reach 46.574 million dollars.

All these percentages are expressed in year-on-year terms.

US exports

The United States‘ current account deficit, the broadest measure of net exports to the rest of the world, rose to $ 647 billion in 2020, from $ 480 billion in 2019, an increase of 35 percent.

The current account deficit widened significantly due to the pandemic.

Although trade flows began to recover after a major shock in the second quarter, imports increased faster than exports, widening the deficit.

The United States has maintained a surplus in net exports of services but a deficit in goods over time.

According to the Economic Commission for Latin America and the Caribbean (ECLAC), this structure affected the trade balance in 2020, as the pandemic forced a change in consumer spending from services to goods.

In all of 2020, US exports of products to the world totaled 1.4 trillion dollars and fell 13% at an annual rate.

In that same year, the following shipments to China stood out: soybeans (14,200 million dollars), integrated circuits (10,200 million), petroleum oils (6,800 million) and cars (6,100 million).

The contraction of real GDP in 2020 in the United States (-3.5%) reflected decreases in personal consumption expenditures, exports, investment in private inventories, non-residential fixed investment, and state and local government, which were partially offset by increases in federal government spending and residential fixed investment.

Imports, which are a subtraction in the GDP calculation, decreased.

 

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