Texas led U.S. merchandise exports to China, reported the U.S.-China Business Council (USCBC)

Overall, the most impressive economic recovery has taken place in China, which remains the main driver of global growth, where international trade is recovering most strongly.

The signing of the Regional Comprehensive Economic Partnership (RCEP) should further boost intra-regional activity in Asia, while the recent political agreement between the European Union and China on an investment agreement should, once ratified, reinforce the already important two-way investment flows.

In Texas alone, oil and gas exports to China increased by $ 4 billion.

Meanwhile, Illinois, Iowa and Kansas saw their oilseed and grain exports to China increase by about $ 1 billion.

Additionally, in Oregon, companies shipped $ 1.8 billion more of semiconductors and components to China than the previous year.

Texas

China has been conspicuously successful in containing the virus and its repeated rapid response to localized outbreaks, while also implementing government support programs and showing clear signs of economic recovery.

Actions to address climate change, such as efforts to reduce dependence on fossil fuels and green energy initiatives, could have a significant impact on the Texas economy, in particular.

While the Texas economy is more diversified than in the past and energy companies are working to adapt to climate change initiatives, the oil and gas industry has had and continues to have a significant impact on the overall Texas economy. .

Because energy is an important segment of the overall Texas economy, falling and volatile oil prices could have an impact on other segments of the Texas economy, including real estate.

In sum, exports of US goods to China experienced a strong recovery last year.

In 2019, the United States exported just under $ 105 billion in goods to China. Last year, that number jumped to $ 123 billion, the second highest amount in a decade.