U.S.-China Trade Value Hits Record High in 2021

Economics & Macro

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Dzulfiqar Fathur Rahman 09/08/2022 15:30 WIB

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U.S.-China trade in goods reached US$692.59 billion in 2021, according to the United Nations.

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U.S.-China Trade Value (1989-2021)

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US-China trade rebounded in 2021. The value of goods traded between the US and China reached US$692.59 billion in 2021, according to the United Nations Comtrade database.

This figure is the highest since at least 1989. The increase in trade between the two countries is in line with economic recovery in each country.

China is the largest trading partner for the US. In 2021, this East Asian country contributed 14.78% to the total value of US goods trade.

However, the US recorded a trade deficit with China of US$390.46 billion in 2021. This deficit widened from US$332.51 billion the previous year.

The value of US goods exports to China grew by 21.19% to US$151.06 billion in 2021 from the previous year.

The following are the five main US export commodities to China:

* Soybeans;
* Electronic integrated circuits or chips;
* Oil;
* Machinery; and
* Vehicles.

On the other hand, the value of US goods imports from China grew by 18.45% to US$541.53 billion in 2021 from the previous year.

The following are the five main US import commodities from China:

* Automatic data processing machines;
* Telephones;
* Tricycles, scooters, and similar wheeled toys;
* Communications equipment; and
* Video game consoles.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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U.S.-China Trade Value Hits Record High in 2021

U.S.-China Trade Value Hits Record High in 2021

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U.S.-China Trade Value Hits Record High in 2021

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