China's new leadership has been rolling out strict economic policy reforms and they have pushed efforts to rebalance its economy. Meanwhile, credit markets have been tightening, and China's central bank has offered little relief. All of this comes as weak global growth has slowed demand for Chinese goods. And as a result of all of this, China's economy is slowing.
This is bad news for the U.S., which counts China as its third biggest export market.
A report from the US-China Business Council shows that U.S. exports to China grew 294% from 2003 to 2012. This compares with an 111% increase in U.S. exports to the rest of world for the same period.
Exports to China have increased from $16.2 billion in 2000, to $108.6 billion last year. We put together a list of the top 15 U.S. state exporters to China in the past decade. Crops, computer and electronics, chemicals, transportation equipment, and machinery (ex-electrical) were the five biggest exports.
China Is Slowing, And That's Bad News For These 15 American States
China Is Slowing, and That's Bad News for These 15 American States
Exports to China 2012:
Export Growth 2003 - 2012:
At $1.2 billion, transportation equipment is Alabama's largest export to China, followed by chemicals at $648 million and crops at $179 million.
In the same period Alabama's exports to the rest of the world grew 120%. Canada, Germany, and China are its three biggest export markets.
At $3.9 billion computers and electronics are California's biggest exports to China. At $2.4 billion waste and scrap are the second biggest exports, followed by machinery (ex-electrical) and transportation equipment at $1.4 billion each.
California's exports to the rest of the world increased by 69% from 2003 - 2012. Mexico and Canada are California's top two export markets, followed by China.