US exports to China has reached a new record-high of US$91.9 billion last year even as the trade deficit between the two countries widened, according to EmpoweredNews.net.
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