|By Marketwired .||
|May 13, 2014 06:00 AM EDT||
WASHINGTON, DC -- (Marketwired) -- 05/13/14 -- The US-China Business Council's (USCBC) annual report on US State Exports to China released today shows that the world's second largest economy continues to be an important market for the economic health of American companies and farmers. In 2013, US exports to China reached $120 billion, making it the third-largest export market for US goods behind Canada and Mexico, America's neighbors and NAFTA partners.
"US exports to China have grown faster than exports to any other major US trading partner," USCBC President John Frisbie said. "From 2004 to 2013, US exports to China increased 255 percent and were worth $120 billion in 2013.
"Exports to China play an essential role in the US economy and job growth," Frisbie said. "With China's large population, rapidly growing middle class, and a long list of economic development goals, American companies of all sizes are sending a variety goods and products to an ever growing consumer and business marketplace in China.
"This export growth to China reaches across the country," continued Frisbie. "Forty-seven states have experienced at least triple-digit export growth to China since 2004, and in 2013, 32 states exported more than $1 billion worth of manufactured products, chemicals, electronics, machinery, and agricultural goods to China. USCBC estimates China to be a $300 billion market for American companies, counting US exports and in-country sales by American companies operating there."
Though China is a significant market for American exports, the United States has a small share of China's overall market. US share of products sent to China account for just over 7 percent of total Chinese imports, falling well behind competition from the European Union, South Korea, and Japan. To increase American exports to China, USCBC is working to advance a number of initiatives in Washington, DC and Beijing that would lower market access barriers and improve global competitiveness for American companies selling to China.
For details on state-by-state data, visit http://uschina.org/reports/us-exports/national-2013
The US-China Business Council (USCBC) is a private, nonpartisan, nonprofit organization of American companies that do business with China. Since 1973, USCBC has provided unmatched information, advisory, advocacy, and program services to its membership. Through its offices in Washington, DC; Beijing; and Shanghai, USCBC is uniquely positioned to serve its members' interests in the United States and China.
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