According to the US "Forbes" biweekly website reported on February 25, due to the increase in US exports, China will once again become the largest trading partner of the US in 2020.
It's not because of imports from China, but because of exports to China.
Of course, there are other factors. For example, the trade between the United States and Mexico has gone through a difficult year. Mexico surpassed China in 2019 and became the largest trading partner of the United States for the first time.
The latest data from the U.S. Census Bureau show that U.S. exports to China will increase by 16.9% in 2020. The total export value to China is 124.65 billion U.S. dollars (1 U.S. dollar is about 6.5 yuan-this net note), reaching the highest value since 2017. 2017 was the first year of the presidency of former President Trump and the year before the outbreak of the US-China trade war, which basically did not subside in the first year of Biden's term.
It's reported that the trade war has caused U.S. exporters to suffer in 2018 and 2019. In 2020, they have paid off, but their total exports to China are still 4.39% lower than the 2017 record of USD 130.37 billion.
Please keep in mind that exports account for 22% of US trade with China, which is still far below the average US foreign trade (38%). But the 22% figure is the highest level since 2013, and it's the second time this proportion has been reached in 25 years.
The report pointed out that in 2020, U.S. imports from China will fall by 16.97 billion U.S. dollars. US exports to China increased by 18.02 billion U.S. dollars. This means that US trade with China has increased slightly. Hey, even the U.S. trade deficit with China has decreased.
So what do these exits include?
It is reported that China has become the main buyer of soybean exports from the United States, mainly used to feed pigs. China is the world's largest producer of live pigs and the largest consumer of pork.
In 2020, soybean exports to China rebounded to a record high of 14.2 billion U.S. dollars, becoming the number one commodity exported by the United States to China. The single-year increase was 77.78%.
The report also said that oil is also "resurrected from the dead" or at least "resurrected from the dead".
In 2020, U.S. oil exports to China will increase by 133.02%, reaching a record high of 6.76 billion U.S. dollars. China bought 4.4% of U.S. oil in 2019 and 13% of U.S. oil in 2020, leading the world.
The report pointed out that in 2020, U.S. exports to China increased by 18 billion U.S. dollars in total, of which soybean and oil exports combined increased by more than 10 billion U.S. dollars.