China Market Fuels USA Export Growth

U.S. trade rebounded strongly in 2010, as fast-emerging economies led by China became a vital export market. After falling dramatically during the recent economic downturn, US exports expanded by 17% to $1.8 trillion last year.

The 2010 data show China holding its place as the top source of imports into the US after having jumped ahead of Canada, Japan in Mexico in the past decade. China also rose to become the number 3 market for exports in 2010, up from number 18 in 1090 and number 13 in 2000.

Like many countries, China once relied on the US for computers, but now looks to America for semiconductors, civilian aircraft and parts, and complex industrial machinery as well as medical technologies and materials such as copper and chemicals that serve as inputs for other goods.

Many US companies who once saw China as a threat now see it as an opportunity. Many Chinese companies are looking for US quality which is still superior to Chinese goods and services. Many small companies in the US are experiencing faster growth in sales to China than sales domestically, a pattern begun by large companies such as Caterpillar who for the first time in their long history, reported that 2010 revenue in Asia exceeded that in Europe, Africa and the Middle East combined.

Chinese consumers embrace US 'brands' and appreciate the high quality, and as they move to a consumer based economy, there is significant opportunity for many US products and services.