Table reflects only those months for which there was trade. The guide is intended to serve as a research aid for the discovery of interesting and useful sources worldwide. General government final consumption expenditure (current US$), General government final consumption expenditure (current LCU), Imports of goods and services (annual % growth), International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. In order to pursue ‘fair trade’, the Trump administration has imposed a punitive 25% tariff on $250 billion’s worth of Chinese goods. This guide provides a comprehensive overview and guide to resources on trade between the U.S. and China and the large trade deficit arising as a result of the trade. The first part presents a discussion on ongoing trade tensions between the United States and China. The International Trade Statistics Yearbook: Volume I – Trade by Country and Volume II – Trade by Product provide an overview of the latest trends of trade in goods and services showing country and product profiles of international trade, respectively. NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. The United States exports more services than it imports. U.S. goods imports from China account for 18.1% of overall U.S. goods imports in 2019. They were up roughly 952% from 2001 (pre-WTO accession). Exports were $163.0 billion; imports were $471.8 billion. Click here for more information. The study, Trade and Trade Diversion Effects of United States Tariffs on China, shows that the ongoing US-China trade war has resulted in a sharp decline in bilateral trade, higher prices for consumers and trade diversion effects (increased imports from countries not directly involved in the trade war). Sales of services in China by majority U.S.-owned affiliates were $54.9 billion in 2017 (latest data available), while sales of services in the United States by majority China-owned firms were $18.0 billio, Economic And Trade Agreement Between The United States Of America And The People’s Republic Of China. By contrast, the U.S. shipped a much smaller $120.3 billion in goods to China last year, Census trade figures showed. The historical development and changes in soybean trade after China imposed retaliatory tariffs in 2018 are analyzed in Interdependence of China, the United States, and Brazil in Soybean Trade… The 2019 U.S. trade balance is negative, showing a deficit of $617 billion. Overall exports and imports fell in both countries in the first ten months of … Despite a challenging trade environment, China in 2019 was the top market for U.S soybeans, hides and skins, and sorghum. Mutual blame over the coronavirus pandemic has reignited tensions between the United States and China, threatening to break what was already a fragile truce on trade … The second part is divided into five chapters: tariffs, trade agreements, non-tariff measures, trade defence measures, and exchange rates. Foreign Trade shows what is coming in and what is going out. 1 spot, at least for April, as its U.S. trade was off only 6.79%. United States Trade Statistics. US-China trade war: 'We're all paying for this' Published 31 July 2019. Trade profiles. The U.S. goods and services trade deficit with China was $308.8 billion in 2019. The U.S. services trade surplus with China was $36.4 billion in 2019. Trade Balance (2019) $429,619,611,040. Can fresh US-China talks end the trade war? In the graph above, the blue dots represent the trend of imports from China to the US since 1985 and the orange dots represent the trend of exports from the US to China since 1985. The U.S. goods trade deficit with China was $345.0 billion in 2019, a 17.6% decrease ($73.7 billion) from 2018. Please note that this archive is provided for research only. For official trade statistics of the United States, please refer to the U.S. Census Bureau. Trade in services with China (exports and imports) totaled an estimated $76.7 billion in 2019. The top import categories (2-digit HS) in 2019 were: electrical machinery ($125 billion); machinery ($92 billion); furniture and bedding ($27 billion); toys and sports equipment ($25 billion); and plastics ($18 billion). U.S. FDI in China is led by manufacturing, wholesale trade, and finance and insurance. U.S. exports to China accounted for 6% of overall U.S. exports in 2019. Key variables are the arrival, efficacy, and coverage of vaccines; we anticipate four scenarios (Exhibit 1). 3 The US-China economic relationship A comprehensive approach impacts for U.S. and global industries, 2,3 and is expected to occur in more advanced industries World Bank national accounts data, and OECD National Accounts data files. It was up roughly 463% from 2001 (pre-WTO accession). In 2018, China exported a total of $2.59T, making it the number 1 exporter in the world. China is currently the United States’ 3rd largest goods trading partner with $558.1 billion in total (two-way) goods trade during 2019. Households to Business to Government - Income & Spending. The trade deficit exists because U.S. exports to China were only $106.4 billion while imports from China were $451.6 billion. How damaging is the Huawei row for the US and China? China's FDI in the United States (stock) was $37.7 billion in 2019, up 12.3% from 2018. Race by Sex by Age or poverty & health insurance data. It is clear that they both showed an increasing trend until around 2018, they both decreased a little due to the Trade War. October exports to China ($14.7 billion) were the highest on record. Tourism Statistics. China's FDI in the U.S. is led by wholesale trade, manufacturing, and depository institutions. To learn more about cookies, click here. This column uses the iPhone as an example to demonstrate how the trade deficit is inflated and why value-added should be used to assess the bilateral This page provides access to an archive of News Releases previously published by the Bureau of Economic Analysis. U.S. goods and services trade with China totaled an estimated $634.8 billion in 2019. That US deficit with the world is … Total Imports (2019) $2,068,950,254,597. #1 source for current population data and the latest Economic Indicators. Leading categories included: processed fruit and vegetables ($787 million); snack foods ($172 million); spices ($170 million); fresh vegetables ($136 million); and tea, including herbal tea ($131 million). U.S. goods imports from China totaled $451.7 billion in 2019, down 16.2% ($87.6 billion) from 2018, but up 52.4% from 2009. Both exports and imports hit all-time highs as the global demand continued to recover from the pandemic shock. China is currently the United States’ 3rd largest goods trading partner with $558.1 billion in total (two-way) goods trade during 2019. U.S. goods imports from China are up 342% from 2001 (pre-WTO accession). Exports were $163.0 billion; imports were $471.8 billion. Data are in current U.S. dollars. Mr. Ning Jizhe Meets with the Director of the United Nations Statistics Division On the morning of October 15, Mr. Ning Jizhe, Commissioner of the National Bureau of Statistics of China (NBS), met with Mr. Stefan Schweinfest, Director of the United Nations Statistics Division (...; Mr. Xian Zude Meets with the UN Resident Coordinator a.i. U.S. exports to China are up 455% from 2001 (pre-WTO accession). The U.S. consumes more petroleum than any other country in the world. Trade volume declines. The US has run deficits against the rest of the world for decades. Leading domestic export categories included: soybeans ($8.0 billion); pork and pork products ($1.3 billion); cotton ($706 million); tree nuts ($606 million); and hides and skins ($412 million). Details may not equal totals due to rounding. U.S. exports of agricultural products to China totaled $14 billion in 2019, the United States’ 3rd largest agricultural export market. The China–United States trade war (Chinese: 中美 贸易战; pinyin: Zhōngměi Màoyìzhàn) is an ongoing economic conflict between China and the United States.President Donald Trump in 2018 began setting tariffs and other trade barriers on China with the goal of forcing it to make changes to what the U.S. says are "unfair trade practices" and intellectual property theft. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Brazil (22 percent market share) and the European Union (13 percent) were the top suppliers of agricultural goods to China, followed by the United States with 10 percent. us-china-trade-relationship. Soybeans are China’s top agricultural import, and the United States and Brazil are the main exporters. The U.S. trade deficit with China in 2019 was $345.2 billion. The U.S. goods and services trade deficit with China was $308.8 billion in 2019. Goods exports totaled $106.4 billion; goods imports totaled $451.7 billion. Federal Spending and much more. In 2019, China’s GDP was an estimated $14.1 trillion (curren. Services exports were $56.5 billion; services imports were $20.1 billion. U.S. imports of agricultural products from China totaled $3.6 billion in 2019, making China the United States’ 6th largest supplier of agricultural imports. U.S. exports of services to China were an estimated $56.5 billion in 2019, 0.9% ($523 million) less than in 2018, but 231% greater than the 2009 level. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Trade (% of GDP) - China, United States from The World Bank: Data During the last five reported years the exports of China have changed by $313B from $2.27T in 2013 to $2.59T in 2018. U.S. imports of services from China were an estimated $20.1 billion in 2019, 5.4% ($1.0 billion) more than in 2018, and 111% greater than the 2009 level. 2020 : U.S. trade in goods with China . China had a total export of 2,494,230,194.97 in thousands of US$ and total imports of 2,134,982,614.99 in thousands of US$ leading to a positive trade balance of 359,247,579.98 in thousands of US$ The Effectively Applied Tariff Weighted Average (customs duty) for China is 3.39% and the Most Favored Nation (MFN) Weighted Average tariff is 4.27%.The trade growth is 2.31% compared to a world growth … China was the United States' 3rd largest goods export market in 2019. Latest U.S. International Trade in Goods and Services Report- PDF | ZIP (XLSX) Summary and Highlights. U.S. goods exports to China in 2019 were $106.4 billion, down 11.5% ($13.8 billion) from 2018 but up 53.2% from 2009. Total Trade [1] Total Exports (2019) $2,498,569,865,637. The second part discusses trends in selected trade policy instruments including illustrative statistics. The United States imports more than it exports. The U.S. goods trade deficit with China was $345.2 billion in 2019. According to the U.S. Department of Commerce, U.S. exports of goods and services to China supported an estimated 911,000 jobs in 2015 (latest data available), with 601,000 jobs supported by goods exports and 309,000 jobs supported by services exports. Capital goods comprise the largest portions of both U.S. exports and imports. Leading services imports from China to the United States were in the transport, travel, and research and development sectors. The top export categories (2-digit HS) in 2019 were: electrical machinery ($14 billion); machinery ($13 billion); aircraft ($10 billion); optical and medical instruments ($9.7 billion); and vehicles ($9.1 billion).