US exports to China down 4.3% year on year amid trade tensions: report
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US exports to China declined 4.3% year on year in 2023, reaching a total of $144.9 billion, according to a report by the US-China Business Council. The decline was led by agricultural goods shipments. The stunted economic growth in China and Sino-American political challenges also contributed to the decline. China was the third-largest goods export market for the US in 2023. Oilseeds and grains remained America's top export to China. US exports of semiconductors and their components to China fell to their lowest level since 2016. The report also highlighted the impact of US-China trade policy on the agricultural sector and the services trade, including education exports.
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