China share of US import market

 

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$52.1 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.

 

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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.

 

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