美中经济与安全审查委员会-2021年2月中美贸易公告(英文)-2021.2-23页.pdf_【行业报告下载】

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Bilateral Trade

U.S.-China Goods Trade Fails to Meet Levels Established Undqder Phase One

The U.S. trade deficit in goods with China in 2020 was $310.8 billion, down 10.1 percent from the previous year
(see Figure 1). The shrinking deficit was primarily driven by the 16.9 percent year-on-year increase in U.S. exports:
at $124.6 billion, U.S. goods exports to China were the highest since 2017. Imports from China decreased by 3.7
percent year-on-yearto $435S.4 billion, the lowest since 2012. The United States: shrinking trade deficit with China
Was the exception as the U.S. global deficit in goods rose 21 percent from 2016 to reach $916 billion in 2020.:
Rising Chinese imports from the United States were also an exception to China\'s overall trading patterns, which
SawW exports to the world rise 3.6 percent in 2020 while imports contracted by 1.1 percent, showing continued
importance of exports to China\'s economic growth.?

Although Chinese imports of U.S. goods increased in 2020, they fell short of purchase commitments China made
under the Phase One trade deal, according to both Chinese and U.S. measures. At $93.7 billion,U.S. exports of
goods to China covered under the agreement were only 59 percent of the $159 billion targeted for 2020, according
to calculations by Chad Bown, senior researcher at the Peterson Institute for International Economics.?

Figure 1: U.S. Exports, Imnports, and the Trade Deficit with China, Q1 2008 - Q4 2020

200

上人人人

-100

-200

-300 目

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USSs billions

-500

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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

FEED EXports EGGO Impborts Balance

SoU1ce: U.S. Census Bureau and U.S Bureau of Economic Analysis,L7.8. 11emzational Tyade 加 Goods and Services, February 9, 2021.
PPDSNrcefSU8.80Wioreig1-1zradeytatisficsig有RidgeYCo118sresyiondL DG

Agricultural Exports Lead in H2 2020, but Computer Products Continue to
Dominate Annual Flows

In Q4 2020, agricultural products were thetop U.S$.export to China forthe second quarter in arow, up 228.6 percent
year-on-year to freach $12.7 billion (see Table 1). China\'s rising demand for grain, driven by a recovering Pork
Sector, seems to have driven the Purchases, with China\"s imports of corn and wheat reaching record highs in 2020,
according to Rettery.4 China*s purchased 3.3 tmillion metric tons of corn 他om the United States through Novetmber,
the highest since 2013, according to China-focused agricultural blog Dimz Sunay.5 China\"s agricultural purchases
came the closest to Imeeting Phase One sectoral commitments according to analysis by Dr. Bown. Through
December, China purchased $27.3 billion in U.S. agricultural goods, hitting 82 percent of its target forthe full year.6

In 2020, computer and electronic products continued to represent the largest export category annually, accounting
for $21.3 billion, or 17.1 percent, of U.S. exports to China.” U.S. exports in this category were Up 32.6 percent since

U.S.-China Economic and Security Review Commission2019.8 Computer and electronics products also represented the largest category of U.S. imports from China in 2020,
but were down 50.8 percent year-on-year, as the Trump Administration implemented several actions to address
Security Trisks associated with electronics manufactured in China.?

Table 1: U.S, Trade with China Top Five Exports and Imports, Q4 2020

(US$ millions)
U.S. Top-Five Exports to China U.S. Top-Five Imports from China
Change
Change Share of OVeT
Exports (in US$ ”Share of total over Q419 Imports (in US$ total Q4\'19
milions) (%) (9%0) milions) (9%) (9)
Ouarter4(Oct-Dec\'2020) O@Ouarter4(Ocf-Dec\' 2020)
Computer 色 Electronic
Agricultural Products $12.682 29.19%9 228.6% Products $47.897 。” 36.49%6 18.29%
Computer 皮 Electronic Miscellaneous Manufactured
Products $5.913 13.6% 16.99%2 Commodities $15.456 11.79% 41.69%6
Electrical Equipment
Chemicals 434.947 11.49% 16.79% Appliances 皮 Components $12.610 。 9.69% 24.6%
Transportation Equipment 34.493 10.39% -3.195 Machinery, Except Electrical $8.682 ”6.6% 18.09%
Oil 文 Gas $3.574 8.2%6 2099.89% Plastics 让 Rubber Products $6.155 4.79% 43.796
Other $11.939 27.49% Other $40,759 31.0%
Total $43,548 100% Total $131.55$9 ”100%
2020 yedr im 7Total 2020 eur mm Total
Computer 色 Electronic Computer 色 Electronic
Products $21.293 17.1% 32.6% Products $141.864 ”32.6% -30.8%
Electrical Equipment
Agricultural Products $20,655 16.69% 0.192 Applances 广 Components $42.578 ”9.8% -50.096
Miscellaneous Manufactured
Chemicalks $17.349 13.992 3.995 Commodities $42.422 9.79% -30.2%
Transportation Equipment $13,230 10.6% 3.69% Machinery, Except Electrical $31.6002 7.3% -51.0%
Machinery, Except Electrical $11,115 8.90% 7.399 Textile Mil Products $24.592 ”3.60%0 -34.090
Other 441.007 32.9% Other $152.392 ”35.09%
Total $124,649 100% Total 4$435,449 ”100%

SoOU1ce: U.S. Census Bureau, USA Trade Online, February 5, 2021,PUpSpsatrade.ce1818.80

Advanced Technology Products

Electronics accounted for most of the U.S.-China trade in advanced technology products (ATPs), with the United
States importing $11.1 billion worth of products, and exporting $3.2 billion worth in 2020 (see Table 2).10 Overall,
U.S. exports of advanced electronics to China were up 23 percent year-on-year and imports down 4 percent.1 U.S.
imports of biotechnology, life science, and weapons from China were exceptions to the overall decline in imports
of ATPs, with rising biotechnology and life science imports likely driven by the demand for products triggered by
the outbreak of the novel coronavirus (COVJID-19). U.S. imports of biotechnology were up 123 percent year-on-
year, imports of life science up 22 percent, and imports of weapons Up 29 percent.1

U.S.-China Economic and Security Review CommissionTable 2: U.S.-China ATP Trade,Q4 2020

(US$ millions)
Quarter 4 Quarterly Annual 2020
Balance Balance Balance
Exports Imports Q42020 Q42019 YYOY Exports Imports Balance 2020 Balance 2019
TOTAL $8,807 $44,5S6 -$3S,749 -$30,260 18.1% $30,761 $133,474 -$102,713 -$102,7S8
(01) Biotechnology $706 。” $139 34567 $621 -8.7% $1.851 $485 $1.366 $2.070
(02) Life Science $1262 $707 $555 4519 6.9% 44.213 $3.088 $1,125 $1.379
(03) Opto-Electronics $119 ”$815 -$696 -$565 ”23.2% 3449 $3,130 -$2,681 -$3,495
(04) Pmformation & Communications ”$903 ”941.532 -$40,629 -$34.798 16.8% 343,275 $121.693 -$118.418 -$120,763
(05) Electronics $2.982 $884 ”9$2.098 $1551 35.3% $11,103 $3,203 $7.900 $5.675
(06) Flexible Manufacturing $1327 ”9$247 $1.080 $864 ”25.0% $5.040 $872 $4.168 $3.016
(07) Advanced Materials $64 $50 $14 $11 27.3% $4256 $192 $64 30
(08) Aerospace $1411 $119 。 $1292 ” $1544 -16.3% 34.439 $641 $3,798 $9.372
(09) Weapons 30 $61 -$61 -$33 84.89% $2 $162 -$160 -$124
(10) Nuclear Technology 9$33 42 $31 $26 19.2% $133 $8 $125 $112

SoU1ce: U.S. Census Bureau (Washington, DC: U.S. Department of Commerce, Foreign Trade Division, February 2021),.
11PDN.ce11S1US.80VW1preig1-1adestatisticyPDrodicWatpP2O71GOGOct1yG1DG1DI7O0.11了L

Financial Services an 上Exception to Q3 Decline in U.S. Services Exports to China

In Q3 2020, the U.S. services trade Surplus with China reached $5 billion, down 9.5 percent from the $5.5 billion
Surplus in Q2 2020.3 This represents four consecutive quarters of sustained downward trend in the U.S. Services

trade with China (see Figure 2).4 The decline continued to pe primarily driven by the fall in travel due to the
COVID-19 pandemic.

Figure 2: U.S.-China Trade in Servyices, Q1 2016-Q3 2020

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Q1 Q2 Q3 Q4 QlL Q2 QQ3 Q4 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 Ql Q2 Q3
2016 2017 2018 2019 2020
EGG EXports ofServices ”EGG ImportsofServices Balance

SoU1ce: U.S. Department of Commerce -Bureau of Economic Analysis,L.S. T7ade 总 Goods apd Services by Selected CoMP1Fies Gd
41eas 1999-Prese1# U.9. Department of Commerce, Foreign Trade Division, December 18, 2020.
jpSy:Nappgy.pea.g8oWi7Tapie[Tapie.cjj7Req1PD=62&sfep= 7

Total U.S. services exports to China shrank 42.6 percent year-on-yearto $8.7 billion in Q3 2020.5 Services exports
for transportation and travel continued to fall due to ongoing border restrictions resulting from COVID-19, down
59.8 percent and 60.2 percent year-on-year, respectively (see Figure 3).15 Financial services were the only major
category of U.S. services exports to China to rise quarter-on-quarter. Exports of financial services were Up 13.5

U.S.-China Economic and Security Review Commission

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