Sunday, December 20, 2009
Comparing American and Chinese Imports and Exports
Reader Jayson has forwarded me a very interesting map graphic from MintLife's Blog. The graphic compares American and Chinese importing and exporting statistics. It also does a good job demonstrating the interrelationship between the two major trade powers.
When it comes to exports the People's Republic of China (PRC) and the United States are relatively equal. The U.S. exports $1.38 trillion (£856.1 billion, €963.5 billion) while PRC exports $1.47 trillion (£912 billion, €1.03 billion). America's top export partners are its neighbors Canada and Mexico along with Japan. PRC breaks the "geographic neighbors equal main trading partner" rule with the top export destination being the United States followed by the European Union and then Hong Kong. That one city eats up almost $200 billion dollars of Chinese goods a year. This is the case mostly because Hong Kong is a trade and banking city with very little to no agriculture or industrial capability.
Imports is where the countries truly differ. The United States imports $2.19 trillion (£1.35 trillion, €1.53 trillion) worth of goods while PRC only imports $1.16 trillion (£719.7 billion, €809.9 billion). America buys primarily Chinese, Canadian, Mexican and then Japanese goods while the Chinese consume Japanese, European Union, Southeast Asian, South Korean, and Republican Chinese (Taiwanese) goods before the American. That is right, the United States is only the sixth main exporter to PRC. That explains why the trade gap between the United States and PRC is $267.4 billion (£165.9 billion, €186.7 billion).