China's Imports & Exports Slow in 2008

Coal & Chemicals Remain Fast-Growing Chinese Shipments to USA

Mar 18, 2009
Daniel Workman

Architecture in Shanghai - kaconnors@yahoo.com (morguefile DSC_1574_1.jpg)

Soybeans became China's top import from America in 2008, while household items and computers are leading Chinese exports to the U.S.

With a population of 1.3 billion people, China has established itself as one of the world’s largest and most important economies.

The People’s Republic grew its annual exports to America by a modest 5.1% to US$337.8 billion in 2008. That amount represents a 71.7% gain since 2004.

China’s imports from America rose 9.5% to $71.5 billion, a 105.7% increase from the 2004 amount but down from the 18% rise in 2007.

Overall, the U.S. experienced a $266.3-billion deficit in its trade with China last year. Results from 2008 represent a 4% expansion in America’s $256.2-billion trade deficit with China in 2007, and a 105.7% jump from the $161.9-billion deficit in 2004.

China’s Top Imports from America

Below are the top 10 goods imported from the USA into China for 2008.

Soybeans … US$7.3 billion, up 76.3% from 2007 (10.2% of US-source imports)
Semiconductors … $6.5 billion, down 0.5% (9.1%)
Civilian aircraft … $4.3 billion, down 32.6% (6%)
Plastic materials … $3.1 billion, up 4.8% (4.3%)
Other industrial machines … $2.8 billion, down 2.3% (3.9%)
Copper … $2.4 billion, down 2.4% (3.4%)
Pulpwood … $2.3 billion, up 11.2% (3.2%)
Aluminum … $1.94 billion, up 9.2% (2.7%)
Steelmaking materials … $1.91 billion, down 5.1% (2.7%)
Organic chemicals … $1.8 billion, down 7.8% (2.5%).

Fastest-Growing Chinese Imports from America

The following are 10 of the fastest-growing U.S. exports into China last year. Only goods valued at $100 million or more were selected for this list.

Non-farm tractors & parts … US$144.4 million, up 471.6% from 2007
Railway transportation equipment … $241.6 million, up 159.1%
Unmanufactured agricultural products … $125.5 million, up 1345%
Other iron & steel products … $838 million, up 132.6%
Antiques, artwork & stamps … $103.7 million, up 77.9%
Soybeans … $7.3 billion, up 76.3%
Unmanufactured tobacco … $109.2 million, up 66.2%
Printed materials including books … $114.9 million, up 65.4%
Chemical fertilizers … $255.2 million, up 62%
Glass plates & sheets … $100.5 million, up 57.3%.

China’s Top Exports to America

The top 10 commodities that the U.S. imports from China include common household items and electronic products.

Toys & sporting goods (e.g. bicycles) … US$29.2 billion, up 5.7% from 2007 (8.6% of US-source imports)
Miscellaneous household goods (e.g. clocks) … $27.5 billion, down 0.2% (8.1%)
Computer accessories … $27 billion, down 3.9% (8%)
Computers … $25 billion, up 7.8% (7.4%)
Non-cotton household furnishings & clothing … $15.3 billion, down 3.3% (4.5%)
Video equipment (e.g. DVD players) … $15.1 billion, up 17% (4.5%)
Telecommunications equipment … $14.5 billion, up 15.3% (4.3%)
Cotton household furnishings & clothing … $13.4 billion, up 2.9% (4%)
Household items (e.g. furniture & baskets) … $13.3 billion, down 4.8% (3.9%)
Footwear … $11.6 billion, up 4.2% (3.4%).

Fastest-Growing Chinese Exports to America

The leading growth exports into the U.S. from China include coal and industrial chemicals. This suggests that China has a concentrated competitive advantage in these producing these goods.