The United States saw a 4.3% decline in its exports to China last year, dropping from a record-high of $151.4 billion in 2022 to $144.9 billion. This decrease was primarily attributed to policy adjustments and China’s sluggish economic recovery.
The US-China Business Council, representing over 270 American companies, stressed the significance of recognizing the economic and trade ties between China and various states and congressional districts in the US. President Craig Allen emphasized the need for cautious consideration of changes in US-China trade policy, highlighting its impact on geopolitical stability and the future of the bilateral relationship.
Despite a $7 billion drop from 2022, oilseeds and grains continued to dominate US exports to China. However, exports of semiconductors and their components witnessed a significant decline, reaching their lowest level since 2016 at $6.8 billion. This 52% drop from the peak in 2021 was attributed to China’s sluggish economic recovery and expanded US export controls on advanced semiconductors and chip manufacturing equipment.
Travel services, once a major export to China, recovered to only 10% of their pre-pandemic value in 2022. Education exports, primarily involving tuition, housing, and book expenses for Chinese students studying in the US, remained a significant category despite a decline in the share of Chinese students among international students at US universities.
