US exports to China grow 18% and benefit almost all states and industries, says USBC

US exports to China have benefited almost every American state and industry, the US-China Business Council (USCBC) said on Tuesday during a conference in Shanghai.

The data released by the Council show that US exports to China grew by about 18% in annual terms, to more than US$ 123 billion in 2020, while its exports to the rest of the world fell by 15% during the same period.

China became the third-largest export market for goods in the United States during the period. China was also among the top five goods destinations for 45 US states, with 35 states experiencing growth in exports to China and nine gaining more than $ 1 billion in growth in export value, the council said.

Among them, Texas had the highest export value to China, totaling US$ 16.9 billion, while Louisiana had the highest growth, rising almost 120% annually.

A diverse range of industries also reported a large increase. In 2020, the main growth drivers included oilseeds and grains, semiconductors and their components, as well as oil and gas, with export volumes totaling US$ 17.2 billion, US$ 12 billion, and US$ 9.2 billion, respectively.

Source: Comex do Brasil

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