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Key Economic Trends

  • While the growth of U.S. exports to China continued to outpace the growth of U.S. imports in 2008, the U.S. trade deficit with China increased by 3 percent to $270.3 billion. For the second consecutive year, China was the single-largest source of U.S. imports and the third-largest market for U.S. exports.
  • Agricultural exports, primarily soybeans, accounted for over one-half of the overall increase in U.S. exports to China in 2008, due to the rising global prices of agricultural commodities.
  • Manufacturing, particularly by foreign-based enterprises engaged in processing trade, has been the driving force behind China's export-oriented economy in recent years. Chinese operations have become increasingly integrated into global production chains by supplying relatively low-wage labor for the final assembly of products.
  • Industry/commodity groups contributing most to the $14.4 billion (5 percent) increase in U.S. imports from China in 2008 were television receivers and video monitors; steel mill products; organic specialty chemicals; toys and games; and coal, coke, and related chemical products.

Trade Shifts in 2008 from 2007

  • U.S. trade deficit: Increased by $8.3 billion (3 percent) to $270.3 billion
  • U.S. exports: Increased by $6.2 billion (10 percent) to $67.2 billion
  • U.S. imports: Increased by $14.4 billion (5 percent) to $337.5 billion

Other Government Resources

U.S. Central Intelligence Agency
World Factbook:China(link is external)

World Trade Organization
Trade Policy Review--China(link is external)

Peoples Republic of China
Ministry of Commerce(link is external)
Ministry of Foreign Affairs, Office of North America and Oceania(link is external)

U.S. Department of Commerce
China Business Information Center: US Government Resources for Exporting to China(link is external)
Office of China Economic Area(link is external)

U.S.-China Economic and Security Review Commission(link is external)