US Goods Exports to China Rise to Record High in 2021

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US exports of goods to China hit a record high in 2021 despite the worsening tenor of relations between the two economic giants.

In 2021 US exports of goods to China rose 21% year-on-year (YoY) to hit USD$149.2 billion, for the highest level on record, according to figures released by the US-China Business Council.

Growth in goods exports to China was driven primarily by substantial gains in the three biggest export categories, including oilseeds and grains, semiconductors and their componentry, and oil and gas.

In sharp contrast US exports of services to China have plunged since the start of COVID-19 pandemic, as a result of the impact of travel restrictions on the tourism and education sectors.

In 2020 US exports of services to China contracted 33% YoY to $37 billion, for the lowest level since 2013.