USA-China Trade 2022 Overview

Although the USA and China share bitter relations on political grounds, they are both important trading partners. China is the United States third largest trading partner after Mexico and Canada.

In 2022, the bilateral trade was mostly dominated by China. According to the China import export data reports, the USA shares a major trade deficit with China worth over 383 billion dollars. And it is growing at the rate of 8.3% annually. The bilateral trade between China and the USA reached 696 billion dollars during FY 2022.

Our China import data suggests that the China imports from the USA were around 160 billion dollars in the fiscal year 2022. On the other hand, in 2022, China exports to the USA were record 536 billion dollars as suggested by our China export data.

USA’s top exports to China include agricultural products, chemicals, oil, gas, minerals, fuels, and food products. According to the USA export data records, the agri goods exports from the USA to China were estimated around 40 billion dollars in the financial year 2022. Soybean was the major product export from the USA with worth around 17 billion dollars. Other major agri exports from the USA to China were Corn, Sorghum, Alfalfa Hay, livestock, tree nuts, poultry and dairy products. 

Chemical exports from the USA to China were 25 billion dollars followed by oil, gas (11 billion dollars), food products (3.8 billion dollars), mineral, ores (2.3 billion dollars). On the other hand, USA’s major imports from China were Computers, manufactured goods, electrical equipment, chemicals and medical equipment.

As per USA import data reports, Computers and other electronics items imports from the USA were around 161 billion dollars in FY 2022. While other major imports in terms of import value were Toys, Games (28 billion dollars), Medical Equipment (8 billion dollars), Electrical equipment, appliances (55 billion dollars) and Chemicals (35 billion dollars).

 

Despite rising tensions between the US and China, the increasing trade pattern continues for FY 2023 also. According to the USA import export data, record 51 billion dollars worth imports and exports of goods made during the January 2023 month. Similarly in February 2023, it came down to 42 billion dollars. Whereas in April, China exports to the USA crossed the 250 billion market.

As per China customs data reports, these were basically telephones, Computers, Integrated Circuits, and Semiconductor Devices. On the other hand, imports from the USA are worth 205 billion dollars. According to the USA customs data, the major export items to China were Integrated Circuits, Iron Ore, Gold, Petroleum Gas  and Crude Petroleum.

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