Beijing, March 30 (IANS) China seems to be driving US exports, as shipments from the US to the Asian giant are growing much faster than to other major destinations.
According to a report by the Washington-based US-China Business Council, the US exported over $100 billion in goods and services to China in 2011 and there are now 30 US states that count China as one among their top three export markets, the China Daily reported.
The annual report, released Wednesday, said China is the third most common destination for US exports, just behind Canada and Mexico, which border the US and have a free-trade agreement with it.
Between 2000 and 2011, US exports to China rose by 542 percent – going from $16.2 billion in 2000 to a record $103.9 billion in 2011 – while US exports to the rest of the world increased only by 80 percent.
“Exports to China are vital to America’s economic health and create good jobs for American workers,” said Erin Ennis, vice-president of the US-China Business Council, which represents about 240 US companies doing business in China.
Wang Haifeng, director of international economics at the Institute for International Economic Research, a think tank under the National Development and Reform Commission of China, said the export figures reveal a great opportunity.
“The fact that a record was set in US exports to China, which shows the great potential of US exports, not only reduces the trade imbalance between the top two economies but also alleviates unemployment in the US and speeds up the US’ economic recovery,” he said.
