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China Market Update: US and China trade increased to $756 Billion in 2021

by | Mar 3, 2022 | NCDA&CS China Office Update | 0 comments

Last year, trade between China and the US increased by nearly 30% to a record $756 billion.  

“Sino-US economic and trade relations are win-win in nature,” said Chinese ambassador Qin Gang at the Lunar New Year of the Tiger Gala, a conference hosted by the China General Chamber of Commerce-USA. 

“We have broad common interests and great potential for cooperation, especially in trade,” he said. 

In addition to being an important time for family reunions, the weeklong break for Chinese Lunar New Year, which lasted from January 31st to February 6th, is also a peak season for consumption.  

China’s consumer market grew last year, and more supportive measures are coming, Chinese industry experts said. China’s retail sales of consumer goods reached $6.95 trillion in 2021, according to data from the Chinese National Bureau of Statistics. The increase is approximately 12.5% in 2021, with a two-year (2020 and 2021) average growth of 3.9%. 

According to the Chinese General Administration of Customs, China’s cross-border e-commerce sector has witnessed rapid growth up to 15%. The import and export value reached $312 billion in 2021. 

China Daily said that Chinese consumers’ e-shopping carts were filled with various imported goods, such as fresh produce and alcoholic beverages. According to a report released by JD.com, consumers prefer to buy products from the US, Japan, France, Germany and Switzerland. 

Other things you should know: 

  • The detection of Highly Pathogenic Avian Influenza (HPAI) in the US could limit the international trade of poultry products in states where the virus is present, according to a Chinese professional organization on imported frozen meat. However, they predicted it would not have a fundamental impact on the trade of poultry between China and the US.  
  • The USDA sees demand potential for US soybeans after the World Agricultural Supply and Demand Estimates report shows notable reductions to the South American soybean crop. “We saw for the second consecutive month pretty notable cuts across Brazil, Argentina and Paraguay,” said Mac Marshall, Vice President of Market Intelligence for USB and USSEC. “And you total it up across those three countries, it’s a reduction of over 18 million tons relative to December.” 
  • China has seen an accelerated trend of rural residents moving to cities over the past year, said the Chinese National Development and Reform Commission of China. China’s urbanization rate of permanent residence hit 64.72% in 2021.