US-China Trade Data: Import-Export Bilateral Trade Statistics

According to latest US China Trade data, US China import export bilateral trade data reports , US & China Trade value at $595.83 billion, US Exports to China totaled $147.80 billion and Imports accounted for $448.03 billion in 2023

US Trade Relations Nov 3, 2024 0 112 Add to Reading List

US-China Trade Data: Import-Export Bilateral Trade Statistics

The trade relationship between the United States and China is one of the most significant and consequential economic partnerships in the world. These two economic superpowers have been deeply intertwined for decades, with their trade ties serving as a cornerstone of the global economy. Based on the US-China bilateral trade data,

The total trade volume between the US and China accounted for $595.83 billion in 2023 with US imports from China more than exports, resulting in a negative trade balance of -$300.23 billion. The importance of US-China trade cannot be overstated. China is the United States' largest trading partner for goods, with bilateral trade reaching staggering levels.

Economic Impact

The trade relationship has significantly influenced both economies, shaping industries, employment, and consumer markets.

Historical Phases:

Early trade was primarily one-way, with the US importing low-cost goods from China.
As China’s economy grew, the trade became more balanced, with increased US exports to China.

Recent Challenges:

The trade war, initiated by tariffs from the Trump administration, has created friction and uncertainties.

Interdependence

Despite tensions, both economies remain interconnected, emphasizing the need for a stable partnership.

Current Status

Ongoing negotiations aim to address issues like intellectual property rights and trade imbalances, with significant implications for businesses and the global economy.

Top 10 US Import from China | US China Trade data

According to the US import data, US shipment data and US China Trade data reports, the US Imports from China accounted for $448.03 billion in 2023. US-China trade data indicates electrical machinery is the biggest US import from China followed by nuclear reactors, toys, and furniture.

These are the top 10 US imports from China according to the US trade records and US import data by HS Code for 2023 include:

1. Electrical machinery and equipment (HS code 85): $126.67 billion

2. Nuclear reactors and machinery (HS code 84): $85.88 billion

3. Toys, games, and sports requisites (HS code 95): $33.38 billion

4. Furniture, bedding, and mattresses (HS code 94): $20.28 billion

5. Plastics and articles thereof (HS code 39): $20.15 billion

6. Vehicles (HS code 87): $16.41 billion

7. Optical, medical, or surgical instruments (HS code 90): $11.79 billion

8. Articles of iron or steel (HS code 73): $11.71 billion

9. Footwear (HS code 64): $10.03 billion

10. Articles of apparel and clothing, knitted or crocheted (HS code 61): $9.99 billion

Top 10 US Export to China | US China Trade data

According to the US shipment data, US export data and US China Trade records analysis, the US Exports to China totaled $147.80 billion in 2023. As per the US-China trade data, mineral fuels and oils are the biggest US exports to China followed by oil seeds and nuclear reactors.

These top 10 US exports to China based on the US trade data and US trade statistics for 2023 include:

1. Mineral fuels and oils (HS code 27): $19.73 billion

2. Oil seeds and oleaginous fruits (HS code 12): $15.85 billion

3. Nuclear reactors and machinery (HS code 84): $13.72 billion

4. Electrical machinery and equipment (HS code 85): $11.64 billion

5. Optical, medical, or surgical instruments (HS code 90): $11.30 billion

6. Pharmaceutical Products (HS code 30): $9.89 billion

7. Vehicles (HS code 87): $8.13 billion

8. Plastics and articles thereof (HS code 39): $7.44 billion

9. Aircraft, spacecraft, and parts thereof (HS code 88): $6.81 billion

10. Organic chemicals (HS code 29): $4.20 billion

Keypoint on US-China Bilateral Trade Statistics

The following are some 2023 trade figures between the US and China:

Total amount of trade

With $147.8 billion in exports and $447.03 billion in imports, US-China trade was valued at over $595 billion in 2023.

Balance of trade

In 2023, the US and China had a negative trade deficit because imports were $279.4 billion higher than exports.

Volume of trade

The United States' overall trade with China in 2023 was 17% less than that in 2022. This resulted from a 20.4% drop in imports and a 5.1% drop in exports.

Partners in trade

China, Canada, Mexico, Germany, and Japan accounted for more than half of US trade in 2023.

US Import-Export Trade with China in the last 10 Years | US China Trade data By Year

Year of Trade	US Imports from China	US Exports to China
2013	$459.10 billion	$121.72 billion
2014	$486.29 billion	$123.67 billion
2015	$504.04 billion	$115.87 billion
2016	$481.36 billion	$115.59 billion
2017	$525.75 billion	$129.99 billion
2018	$562.70 billion	$120.28 billion
2019	$470.95 billion	$106.44 billion
2020	$456.44 billion	$124.48 billion
2021	$540.07 billion	$151.44 billion
2022	$575.71 billion	$153.83 billion
2023	$448.03 billion	$147.80 billion

US-China Trade Data Balance in 2023-24

The trade balance between the United States and China has long been a contentious issue, with the US consistently running a significant trade deficit with China. In 2023-24, this trend continued, with the US trade deficit with China reaching a staggering -$300.23 billion, representing a 12% decrease from the previous year. Several factors contributed to this imbalance. Firstly, the US imports a vast array of consumer goods, electronics, and industrial components from China, driven by the country's cost-effective manufacturing capabilities and global supply chain dominance. On the other hand, US exports to China, primarily consisting of agricultural products, machinery, and services, have struggled to keep pace with the surge in imports.

The ongoing trade tensions between the two nations, marked by tariffs and trade barriers, have further exacerbated the trade deficit. While the US has aimed to reduce its reliance on Chinese imports and promote domestic manufacturing, the impact on the trade balance has been limited thus far.

Despite efforts to address the trade imbalance through negotiations and policy measures, the US-China trade deficit remains a persistent challenge, reflecting the complex economic interdependence between the world's two largest economies.

Impact of US-China Trade War

The US-China trade war has had a significant impact on bilateral trade between the two nations. In 2018, the United States imposed tariffs on billions of dollars worth of Chinese goods, citing unfair trade practices and intellectual property violations. China retaliated with counter-tariffs on American products, escalating tensions and disrupting global supply chains.

The tariffs imposed by both sides have resulted in higher costs for businesses and consumers, as companies are forced to pay more for imported goods or seek alternative suppliers. This has led to a decline in trade volumes between the US and China, with both exports and imports being affected.
Despite ongoing negotiations and temporary truces, the trade war has persisted, creating uncertainty and volatility in the market. Companies have had to adjust their strategies, either by absorbing the additional costs or passing them on to consumers, which can lead to inflation and reduced consumer spending.
While the long-term effects of the trade war are yet to be fully realized, it is clear that it has strained the economic relationship between the two superpowers and has had far-reaching consequences for global trade and economic growth.

Trade Policy and Regulations

The trade relationship between the United States and China is governed by a complex web of policies, regulations, and agreements that have evolved over time. Existing trade agreements, such as the Phase One trade deal signed in 2020, aim to address long-standing issues like intellectual property rights, technology transfer, and agricultural trade. However, the implementation and enforcement of these agreements have faced challenges, leading to ongoing negotiations and potential revisions.

Pending negotiations between the two countries cover a wide range of topics, including market access, investment rules, and digital trade. The Biden administration has signaled a willingness to engage with China on trade issues while also maintaining a firm stance on issues like forced labor and human rights. Regulatory changes, such as the recent tightening of export controls on advanced technologies, have also impacted the trade landscape.

Both sides have imposed tariffs and counter-tariffs on various goods, leading to increased costs and disruptions in supply chains. The United States has cited national security concerns and unfair trade practices as justifications for these measures, while China has accused the US of protectionism and violating World Trade Organization (WTO) rules.

Future Outlook and Trends of US China Trade data

The future outlook for US-China trade remains uncertain, with both opportunities and challenges on the horizon. Projected trade figures for the next few years suggest a potential increase in bilateral trade, easing of trade tensions. However, ongoing geopolitical tensions, technological competition, and concerns over national security could pose challenges to the trade relationship. On the opportunities side, China's growing middle class and its appetite for high-quality consumer goods present a significant market for American exporters. Additionally, the rapid development of emerging technologies, such as artificial intelligence, 5G, and renewable energy, could open up new avenues for collaboration and trade between the two nations. However, challenges remain. The US-China trade war has left lingering tensions and mistrust, which could hinder efforts to deepen economic ties. Intellectual property rights violations, forced technology transfers, and concerns over cybersecurity and data privacy continue to be contentious issues.

Conclusion and Final Verdict

Looking ahead, we conclude that the US-China trade relationship is likely to remain complex and multifaceted. The bilateral trade between the US and China is projected to grow in the coming years based on the US-China trade data. Continued dialogue, compromise, and a commitment to mutually beneficial trade practices will be essential to navigate the challenges and capitalize on the opportunities. Diversification of trade partners and a focus on emerging markets could also help mitigate risks and foster a more balanced and resilient trade landscape for both nations.