ANALYSIS OF USA-CHINA IMPORT DATA ON THE LEVEL OF US CONSUMPTION WITH THE JOHANSEN CONTAGRATION TEST

Abstract

China became the third largest trading partner of the US in 2021. In 2021, 8.6% of the US's $1.8 trillion in total exports to the world were to China, while 17.9% of the US's $2.8 trillion in imports were to China. Mechanical Appliances, Audio Recorders and TV sets were the most traded commodity sectors. Over the past five years, US exports of these commodities have trended upward, from $25.0 billion in 2017 to $36.1 billion in 2021. 2021. The percentages of imports of these goods from China in total imports from the world are impressive, at 37.0% in 2017 and 29.3% in 2021. In 2021, China remained the main source of U.S. imports of Textile Goods. In 2021, U.S. imports of Textile Products from China totaled $50.3 billion, accounting for 32.6% of total U.S. imports of Textile Products. In 2021, both U.S. exports to and imports from China were above the previous five-year average, unadjusted for inflation; and the trade deficit was below the previous five-year average, unadjusted for inflation. adjusted for inflation