How much does China rely on the US?
The U.S. services trade surplus with China was $24.8 billion in 2020. According to the Department of Commerce, U.S. exports of goods and services to China supported an estimated 758,000 jobs in 2019 (latest data available) (475,000 supported by goods exports and 283,000 supported by services exports).
In 2019, the top partner countries from which China Imports Food include Brazil, United States, New Zealand, Australia and Canada.
China has about one-fifth of the world's population to feed, but only about 7 per cent of its arable land. Sixteen years ago, Beijing set a “red line” to reserve at least 120 million hectares of arable land for agriculture. But industrialisation and urbanisation has accelerated the loss of agricultural land since then.
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Leading suppliers of processed foods to China in 2017, based on market share.
| Characteristic | Market share |
|---|---|
| - | - |
Aircraft, soybeans, motor vehicles and microchips are top U.S. exports to China.
If the U.S. is forced to sell half of its direct investments in China, that would cost American investors $25 billion a year in capital gains and up to $500 billion in GDP losses, the report said. U.S. businesses risk losing global competitiveness if sweeping policies force separation from China, the report said.
China is also heavily reliant on food imports from other countries. China's demand for soybeans has skyrocketed in recent years, in large part because the crop is an important source of animal feed for livestock.
The top US goods exports to China are oilseeds and grains, semiconductors and their componentry, oil and gas, and motor vehicles. Many states also generate substantial economic value from service exports like travel, education, and financial services.
In 2020, U.S. agricultural exports to China totaled $26.4 billion, up $12.6 billion from 2019. China was the largest market for U.S. agricultural exports, a position it last held in 2016.
Get ready for this statistic – China owns 981 billion dollars in U.S debt. That means we owe China nearly a trillion dollars!
Who is China biggest trade partner?
- United States: US$521 billion (17.2% of China's total exports)
- Hong Kong: $313.1 billion (10.3%)
- Japan: $151.3 billion (5%)
- South Korea: $135.1 billion (4.5%)
- Vietnam: $125.8 billion (4.2%)
- Germany: $103 billion (3.4%)
- Netherlands: $91.6 billion (3%)
- India: $87.9 billion (2.9%)
Manufacturing, services and agriculture are the largest sectors of the Chinese economy – employing the majority of the population and making the largest contributions to GDP. Since 1949, the Chinese Government has been responsible for planning and managing the national economy.
Today, the United States imports more from China than from any other country, and China is one of the largest export markets for U.S. goods and services. This trade has helped the United States in the form of lower prices for consumers and higher profits for corporations, but it has also come with costs.
