US-China exports prove resilient despite recession

THE US-China Business Council annual survey revealed China's strength as third-largest US export market after Canada and Mexico generating US$69.6 billion in 2009 sales, a slight drop of 0.2 per cent compared to deeper declines of 20 per cent with other countries.

The main exports were computers and electronics, agricultural products, chemicals and transportation equipment with California leading the states with $9.7 billion; Washington ($9.1 billion) and Texas ($8.9 billion).

Despite a global recession China is a vital element for US manufacturers and farmers said USCBC president John Frisbie. "As President Obama has said, exports mean jobs - and China is one of our best markets," he said in a statement.

The record growth results come as the US is attacking China for currency manipulation and US manufacturers are saying this favours Chinese exporters. Although Mr Frisbie agrees that market barriers need to be resolved with an exchange rate in line with global trade flows it is a nonsense that it is at the root of US job losses.

This is "built on the faulty assumption that every product imported from China would have been made in the US otherwise," he said in a Journal of Commerce report. "That's simply not plausible."

(Source: www.schednet.com)