Ever since China joined WTO in 2001, the country’s tariffs are reduced and
market barriers are removed. This helped to increase the bilateral trade between
China with U.S. rapidly. According to China customs statistics, China’s export
to U.S. was USD 203.47 billion in 2006, an increase of 73% from US$52 billion
in 2000. Now, China’s share of U.S. import market surpassed Japan in 2003 at
11.1% and in 2006, China had surpassed Mexico and became U.S. second largest
importer after Canada.
Below is the chart of China share and Japan share among total US import market from year 1980 - 2006:
China share of US, Japan & EU import market
From the chart, we witness the continuous growth of
China export market into their 3 main trade partners,
Japan, US and the EU. With its manufacturing advantage
and low cost status, it had surpassed US as Japan
largest importing nation in 2002 as well as EU number
one source for import in 2006. This trend is set to
maintain itself as China GDP growth continue at above
10% per year.
Below is the chart of China share among US, Japan and EU
total import market from year 1970 - 2006:
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