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Key Economic Trends
- The U.S. trade deficit with China expanded by $47.9 billion in 2010, as the effects of the United States’ economic recovery led to increased domestic demand for a number of goods predominantly produced in China, including electronic products, miscellaneous manufactures, and textiles and apparel.
- Of all exports of U.S. products to China, exports of agricultural products, chemicals and related products, and transportation equipment increased the most in 2010. Principal contributors of growth in these sectors include China’s strong demand for soybean meal, heightened Chinese investment in raw materials for industrial uses, and the country’s burgeoning motor vehicle market.
- U.S. imports from China increased by $68.5 billion, due in particular to growing demand for electronic products, miscellaneous manufactures, and textiles and apparel. China is the world’s most competitive producer for many of those products.
Trade Shifts from 2009 to 2010
- U.S. trade deficit: Increased by $47.9 billion (21 percent) to $278.3 billion
- U.S. exports: Increased by $20.6 billion (32 percent) to $85.7 billion
- U.S. imports: Increased by $68.5 billion (23 percent) to $364.0 billion
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