China Becomes Fastest-Growing US Overseas Market

(People’s Daily Online)

From 2001 to 2009, U.S. exports to China increased 262.8 percent, while its overall exports growths was only 45.5 percent.

“China has become the United States’ fastest-growing overseas market,” said Yao Jian, spokesman of China’s Ministry of Commerce (MOFCOM) Wednesday.

Data from the U.S. government showed that its exports to China increased by 55.2 percent in the first two months of 2010, 38 percentage points higher than its overall exports growth.

In 2009, impacted by the global financial crisis, U.S. exports to China dipped only 0.22 percent and the trade deficit with China fell 15.4 percent, while its overall exports dropped nearly 18 percent.

“In 2009, among the U.S. automakers’ 10 largest overseas markets, China was the only one that witnessed growth. The U.S. aircraft producers’ exports to China grew 36.5 percent in 2009 while its total exports fell 1.8 percent,” said Yao. Read more here.