According to the US-China Business Council, US goods exports to China fell by 2.
8% in 2024, totaling $144.9 billion compared to $151.4 billion in 2023. This decline occurred despite a slight global export increase and positions China as the third-largest goods export market for the US.
The downturn is attributed to factors such as China’s economic slowdown, shifting import patterns, and the impact of trade barriers, including tariffs.
Agricultural products, particularly oilseeds and grains, remain the leading US exports to China. However, these exports have decreased by $7 billion, facing heightened competition from other countries and potential future tariff disputes. Additionally, exports of semiconductors and their components have declined by 52% since peaking in 2021, with Oregon accounting for a significant portion of this drop.
The report also highlights the importance of the US-China trade relationship, noting that exports to China support nearly one million American jobs.
Despite the challenges, China continues to be a crucial market for US goods and services, underscoring the need for careful consideration in trade policy decisions.
In summary, while the US-China trade relationship remains significant, recent declines in exports reflect broader economic and geopolitical challenges that may impact future trade dynamics.
