There has been growing concern about the negative impact on US jobs and competitiveness because of the trade imbalance with China. Yet China is now the fastest-growing recipient of US exports according to the US-China Business Council.
American products have entered the Chinese market at an unprecedented rate of 468% over the last ten years compared to 55% export growth in other countries.
Electronics and planes from California, Texas and Washington state comprise the majority of US exports to China. Chemicals and agricultural products also make up a substantial share.
The Obama administration wants to increase US exports to twice its present rate by 2014. China figures to be a major destination of American products for years to come.
China is on pace to surpass the US as the leading importer in the world. Right now, the US imports some $1.9 trillion worth of products.
Even with total imports growing, economists still expect the trade deficit between China and the US, estimated to be between $180 billion and $250 billion, to continue to widen.
But booming demand from China and a weak US dollar both favour the prospects for American goods delivered to China.
China will need a wide variety of US exports like grain, electronics, and planes, and even paper and metals to fill its growing domestic demand. -- Source: EmpoweredNews.net