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U.S.-China Business Council: Exports to China bring benefits to nearly all U.S. states and industries

Exports to China have brought benefits to nearly all U.S. states and industries, the U.S.-China Business Council (USCBC) said Tuesday during a conference held in Shanghai.
Data released by the council showed that U.S. exports to China rose about 18 percent year-on-year to over $123 billion in 2020, while those to the rest of the world fell 15 percent over the same period, Radio China reported.

China has become the third largest market for exports of American goods during the period. It was also among the top five destinations for commodities in 45 states, with 35 of them seeing exports growth and nine making more than $1 billion growth in it.

The largest exports to China have the state of Texas — $16.9 billion, while Louisiana achieved the largest growth — up almost 120 percent year-on-year.

Multiple industries also reported a satisfactory increase. In 2020, the main drivers of growth were oilseeds and cereals, chips and components for their production, oil and gas, with their export volumes at $17.2 billion, 12 billion and $9.2 billion, respectively.

These statistics reflect the fact that despite the COVID-19 pandemic, the two countries are still economically interdependent, with trade and business exchanges remaining key to China-US relations, the USCBC representative told the conference.

US businesses continue to have optimistic expectations regarding the Chinese market. About 1,600 firms started operations in China last year.

Since the beginning of their economic relations, 70,000 US enterprises have invested in China or had business there, with a total annual sales volume of more than 700 billion dollars. About 83 percent of them view China as their most important market or among the top five, more of the USCBC points out.

China remains a hub of attraction for foreign investment amid the pandemic, with total direct capital shares in the country's financial hub Shanghai rising 20.3% to about $7.77 billion in the first four months of 2021.

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