The US-China Business Council offers data in this press release revealing the converging economic relationship between the US and China. Total US exports to China from 2000 to 2010 rose 468% from $16.2b to $91.9b, alluding that 93% of districts in the States have an economic benefit from this. Comparatively, total US exports to the rest of the world increased about 8 times less at 55%.
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US-China Business Council Press Release: Exports to China Are a Vital Part of the US Economy
“Exports to China From US Congressional Districts Outpaced Their Exports to the Rest of the World. Out of 435 Districts, 333 Districts Had Higher Growth in Exports to China in 2010 Than They Did to the Rest of the World.”
Source – MSNBC, published August August 18, 2011
WASHINGTON, DC — Exports to China from US congressional districts outpaced their exports to the rest of the world, a clear trend that began in 2000 continued in 2010, according to the US-China Business Council’s (USCBC) annual US Congressional District Exports to China report. Out of 435 districts, 333 districts had higher growth in exports to China in 2010 than they did to the rest of the world.
“Exports to China are a vital part of the US economy. China is our third largest export market and is growing faster than many of our other major destinations for American manufactured goods and agriculture products,” USCBC Vice President Erin Ennis said. “The nearly $76 billion increase in exports to China during 2000-10 exceeded growth in every other market for US goods and farm products. US exports to Canada and Mexico rose $69.3 billion and $52 billion, respectively. Brazil was a distant fourth with just a $20 billion increase.
“Exports to China contributed to growth and jobs in almost all congressional districts. In 2010, exports to China rose 32 percent — faster than export growth to any of America’s top-five export destinations,” Ennis said. “Even in states that have had a mixed export story over the previous eight years — such as Maine, Wisconsin, and Tennessee — exports from congressional districts to China generally rose faster than those to the rest of the world.” Read the rest of this entry »