Trade between the United States and China hit a record high in 2022, even as political tension heightened between the world’s top two economies.
The bilateral goods trade between the countries rose to $690.6 billion last year, according to official US data, which was released Tuesday.
Exports to China increased by $2.4 billion to $153.8 billion, while imports of Chinese products rose by $31.8 billion to $536.8 billion according to the US Bureau of Economic Analysis.
The data suggests that the idea of “decoupling,” or reducing mutual reliance in a range of areas, is much more evident in policy discussions in Washington rather than on-the-ground trade reality, according to analysts.
“Supply chains are sticky, particularly those linked to China,” Nick Marro, lead analyst for global trade at the Economist Intelligence Unit, told CNN.
The US government is working to reduce its supply chain reliance on China, but at the end of the day, most companies care more about getting their products to consumers on time, and in ways that are the most cost-effective for their own operations.”
Source: CNN
