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. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Data are in current U.S. dollars. Leading services exports from the United States to China were in the travel, intellectual property (industrial processes, trademarks), and transport sectors. In 2019, China’s GDP was an estimated $14.1 trillion (curren. Services exports were $56.5 billion; services imports were $20.1 billion. 2020 : U.S. trade in goods with China . China is currently the United States’ 3rd largest goods trading partner with $558.1 billion in total (two-way) goods trade during 2019. Table reflects only those months for which there was trade. Exports were $163.0 billion; imports were $471.8 billion. Find Out, Online tool for visualization and analysis. They were up roughly 952% from 2001 (pre-WTO accession). Both exports and imports hit all-time highs as the global demand continued to recover from the pandemic shock. 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. The trade deficit exists because U.S. exports to China were only $106.4 billion while imports from China were $451.6 billion. Federal Spending and much more. Foreign Trade shows what is coming in and what is going out. 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 … Please note that this archive is provided for research only. 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. 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 The United States exports more services than it imports. #1 source for current population data and the latest Economic Indicators. U.S. exports to China accounted for 6% of overall U.S. exports in 2019. Leading services imports from China to the United States were in the transport, travel, and research and development sectors. How damaging is the Huawei row for the US and China? U.S. exports to China are up 455% from 2001 (pre-WTO accession). China is currently the United States’ 3rd largest goods trading partner with $558.1 billion in total (two-way) goods trade during 2019. This site uses cookies to optimize functionality and give you the best possible experience. U.S. exports of agricultural products to China totaled $14 billion in 2019, the United States’ 3rd largest agricultural export market. The first part presents a discussion on ongoing trade tensions between the United States and China. The second part discusses trends in selected trade policy instruments including illustrative statistics. U.S. foreign direct investment (FDI) in China (stock) was $116.2 billion in 2019, a 6.3% increase from 2018. 1 spot, at least for April, as its U.S. trade was off only 6.79%. This page provides access to an archive of News Releases previously published by the Bureau of Economic Analysis. Despite a challenging trade environment, China in 2019 was the top market for U.S soybeans, hides and skins, and sorghum. The guide is intended to serve as a research aid for the discovery of interesting and useful sources worldwide. Tourism Statistics. 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 With those swoons, China returned to the No. The United States had a services trade surplus of an estimated $36 billion with China in 2019, down 4.1% from 2018. Capital goods comprise the largest portions of both U.S. exports and imports. us-china-trade-relationship. Click here for more information. China's FDI in the United States (stock) was $37.7 billion in 2019, up 12.3% from 2018. China trade balance for 2019 was $164.99B, a 54.62% increase from 2018. U.S. goods imports from China are up 342% from 2001 (pre-WTO accession). U.S. goods and services trade with China totaled an estimated $634.8 billion in 2019. 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). It remains the third-ranked U.S. trade partner overall in 2020. Households to Business to Government - Income & Spending. In the United States and most other developed economies, herd immunity is most likely to be achieved in the third or fourth quarter of 2021. The 2019 U.S. trade balance is negative, showing a deficit of $617 billion. Can fresh US-China talks end the trade war? 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. The second part is divided into five chapters: tariffs, trade agreements, non-tariff measures, trade defence measures, and exchange rates. Total Imports (2019) $2,068,950,254,597. Latest U.S. International Trade in Goods and Services Report- PDF | ZIP (XLSX) Summary and Highlights. The U.S. goods trade deficit with China was $345.2 billion in 2019. 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 United States imports more than it exports. Race by Sex by Age or poverty & health insurance data. NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Trade profiles. Total Trade [1] Total Exports (2019) $2,498,569,865,637. CBP TRADE STATISTICS* IMPORTS AND REVENUE COLLECTIONS FY 2017 FY 2018 FY 2019 FY 2020; ... China 7: $72,207,869,575: EU 8: ... * CBP data. The U.S. consumes more petroleum than any other country in the world. US-China trade war: 'We're all paying for this' Published 31 July 2019. For the first nine months of the year, China’s trade surplus with the US totaled USD 218.57 billion. Published 29 May 2019. China's FDI in the U.S. is led by wholesale trade, manufacturing, and depository institutions. 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. For official trade statistics of the United States, please refer to the U.S. Census Bureau. 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. 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. That US deficit with the world is … It was up roughly 463% from 2001 (pre-WTO accession). 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). The U.S. goods and services trade deficit with China was $308.8 billion in 2019. STATISTICS. 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). In 2018, China exported a total of $2.59T, making it the number 1 exporter in the world. The U.S. goods and services trade deficit with China was $308.8 billion in 2019. The US has run deficits against the rest of the world for decades. Exports were $163.0 billion; imports were $471.8 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. 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. During the last five reported years the exports of China have changed by $313B from $2.27T in 2013 to $2.59T in 2018. If you continue to navigate this website beyond this page, cookies will be placed on your browser. 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). U.S. goods imports from China account for 18.1% of overall U.S. goods imports in 2019. 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. To learn more about cookies, click here. Key variables are the arrival, efficacy, and coverage of vaccines; we anticipate four scenarios (Exhibit 1). Trade Balance (2019) $429,619,611,040. Soybeans are China’s top agricultural import, and the United States and Brazil are the main exporters. China was the United States' largest supplier of goods imports in 2019. United States Trade Statistics. Exports of goods and services (% of GDP) (2019) [2] 18.42%. 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. Overall exports and imports fell in both countries in the first ten months of … Trade profiles provide a series of key indicators on trade in goods and services for over 190 economies, highlighting the major exports and imports for each economy as well as their main trading partners. That's 18% less than 2018's $418.9 billion deficit. In order to pursue ‘fair trade’, the Trump administration has imposed a punitive 25% tariff on $250 billion’s worth of Chinese goods. The U.S. trade deficit with China in 2019 was $345.2 billion. The U.S. services trade surplus with China was $36.4 billion in 2019. U.S. goods and services trade with China totaled an estimated $634.8 billion in 2019. 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. Details may not equal totals due to rounding. Trade volume declines. October imports of automotive vehicles, parts, and engines ($32.2 billion) were the highest since July 2019 ($32.4 billion). U.S. FDI in China is led by manufacturing, wholesale trade, and finance and insurance. The country's trade surplus with the US narrowed to USD 30.75 billion in September from USD 34.24 billion in August. 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. External balance on goods and services (formerly resource balance) equals exports of goods and services minus imports of goods and services (previously nonfactor services). 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). October exports to China ($14.7 billion) were the highest on record. World Bank national accounts data, and OECD National Accounts data files. China had a total export of 2,494,230,194.97 in thousands of US$ 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 … **The Enforce … China was the United States' 3rd largest goods export market in 2019. It is clear that they both showed an increasing trend until around 2018, they both decreased a little due to the Trade War. Trade in services with China (exports and imports) totaled an estimated $76.7 billion in 2019. 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. Trade (% of GDP) - China, United States from The World Bank: Data However, conventional trade statistics greatly exaggerate the US trade deficit with China. The U.S. goods trade deficit with China was $345.0 billion in 2019, a 17.6% decrease ($73.7 billion) from 2018. Goods exports totaled $106.4 billion; goods imports totaled $451.7 billion.