SHANGHAI, May 25 (Xinhua) – U.S. exports to China have benefited almost every U.S. state and industry, the U.S.-China Business Council (USCBC) said Tuesday at a conference in Shanghai.
Data released by the council showed that US exports to China grew by about 18% year-on-year to exceed US $ 123 billion by 2020, while its exports to the rest of the world fell by 15%. during the same period.
During this period, China became the third largest commodity export market in the United States. China also ranked among the top five freight destinations in 45 U.S. states, with 35 states experiencing export growth in China and nine earning more than $ 1 billion in growth. of the value of exports, the council said.
Among them, Texas showed the highest export value in China, totaling $ 16.9 billion, while Louisiana achieved the highest growth, nearly 120 percent year-on-year.
A wide range of industries has also reported a rewarding increase. In 2020, the main drivers of growth were oilseeds and cereals, semiconductors and their components, as well as oil and gas, with export volumes of $ 17.2 billion, $ 12 billion and $ 9.2 billion north. -Americans, respectively.
These statistics reflect the fact that, despite the COVID-19 pandemic, the two countries remain economically interdependent, and economic and trade exchanges remain the cornerstone of the Sino-US relationship, the USCBC representative said.
To date, US companies continue to show optimistic expectations regarding the Chinese market. Last year, some 1,600 US companies established operations in China.
Since the two nations began trade relations, more than 70,000 American companies have invested in or operated a business in China, with a total annual sales volume in excess of US $ 700 billion. About 83 percent of them considered China as their largest market or in the top five, USCBC said.
China has remained a foreign investment spot amid the pandemic, with total foreign direct investment to the country’s financial center, Shanghai, rising 20.3 percent to about $ 7.777 billion during the first four months of 2021.