China remains the top market for US exporters and represents huge potential for future opportunities for US businesses, according to a latest report from the US Department of Commerce.
The 19 Top Markets Reports, released on May 25, showed that China ranked highly among top US export markets in sectors from automotive parts, civil nuclear, building materials, construction equipment to education, financial technology, manufacturing technology and franchising.
Stefan Selig, US undersecretary of commerce for international trade, described the report as “helping American business not only compete but win in the global marketplace”.
An estimated 11.5 million jobs are supported by exports, according to the Commerce Department.
The reports are a part of the Top Markets Series, which was launched by the International Trade Commission under the Department of Commerce in July 2015.
The 2016 reports provided updated country rankings and analysis reflecting the latest industry, trade policy and global economic developments.
In the country analysis for the aircraft industry, the report said China is expected to be the world’s largest single-country market for civil aircraft sales over the next 20 years.
Boeing Co estimated that China will need to add more than 6,000 aircraft to its commercial fleet to meet traffic demand. China’s fleet of business jets, helicopters, training aircraft and other general aviation planes is expanding quickly too, it said.
In the building materials sector, the report said that although the Chinese economy is experiencing a slowdown, it is the world’s largest construction market and will continue to provide a strong opportunity for US building-products exporters.
The report also described civil nuclear sector growth in the next decade in China will ensure commercial opportunities for US civil nuclear exporters.
China ranks first in the world for the number of units under construction. In 2015, eight new reactors were connected to the grid.
China was the top market for US education. In 2014-15, China sent 304,040 students to the US, up 10.8 percent from 2013-14. Chinese students make up 31 percent of all international students in the US.