China on Track to Number 1 US Export Destination by 2022

China will overtake Canada and Mexico to become the United States‘ largest export market by 2022, according to a report issued Tuesday.

U.S. exports to China will at least triple from the current level to reach 530 billion U.S. dollars, according to a report compiled by the China-United States Exchange Foundation, the China Center for International Economic Exchanges, China’s Ministry of Commerce, and the U.S.-based Center for Strategic and International Studies.

Exports to China will create a GDP worth 460 billion U.S. dollars for the United States, as well as create more than 3.34 million jobs, an increase of 2.63 million compared to 2010.

If the United States loosens its export restrictions on high-tech and energy products, the export volume could be much higher, the report said.

The report said the U.S. service trade exports to China had grown five folds during 2000 and 2010 in the sectors of legal, consulting, financial and accounting services.

Huge potential for export growth still exists, it said.


via Xinhua



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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza