US goods exports to China down 2.8% in 2024: US-China Business Council
China remained the United States' third-largest goods export market last year and sixth-largest services export market in 2023, according to a new report by the US-China Business Council.
US goods exports to China contracted by 2.8 per cent in 2024 despite global exports expanding slightly, it said. Export trends vary drastically across product categories.
While trade with China in agriculture, education, travel, aerospace and many other sectors supports hundreds of thousands of American jobs, existing trade barriers and new tariff escalations threaten to upend years of largely uninterrupted growth in US exports to China, the report, titled 'US Exports to China', noted.
China remained the third-largest goods export market for the US in 2024, a report by the US-China Business Council said. US goods exports to China contracted by 2.8 per cent in 2024 despite global exports expanding slightly, it said. Stunted economic growth and consumer demand in China, shifting import patterns in China, and trade barriers, such as tariffs, continue to weigh on bilateral trade.
Recent US tariff increases have prompted Chinese retaliatory tariffs, including a 125-per cent baseline duty on all US goods and additional product-specific tariffs ranging from 10 per cent to 15 per cent. Businesses and communities in the Midwest and South are the most exposed to these product-specific retaliatory tariffs on US goods, the report said.
Stunted economic growth and consumer demand in China, shifting import patterns in China, and trade barriers, such as tariffs, continue to weigh on bilateral trade.
The data covered in the report does not reflect US and Chinese tariff increases enacted so far in 2025, and these are expected to significantly reduce US exports if they remain in place.
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