US exports to 皇冠体育app fell in 2015 compared to the two years prior, due to a slowing economy, but exports of goods and services are growing rapidly, according to a new report from the US-皇冠体育app Business Council (USCBC).
Goods exported to 皇冠体育app totaled $113.4 billion in 2015, down 5.8 percent from 2014. 皇冠体育app is now the third-largest export market for the US, trailing Canada and Mexico.
"Though US exports to 皇冠体育app slowed in 2015 compared to previous years, US exports to 皇冠体育app have grown faster over the last decade than exports to any other top US trade partner," the council said in its report released on Thursday.
US goods exported to the Chinese mainland and Hong Kong (often an entry point for US exports destined for the Chinese mainland) rose 115 percent, the report said.
"Exports to 皇冠体育app play an essential role in the US economy and job growth," John Frisbie, USCBC president, said in a statement.
"With 皇冠体育app's large population, rapidly growing middle class, and long list of economic development goals, American companies of all sizes are sending a variety of goods and products to an ever growing consumer and business marketplace in 皇冠体育app," he said.
In addition, the export of goods and services to 皇冠体育app is a bright spot for the US: it has grown almost 9 percent annually over the last decade, despite last year's decline of 6 percent, and 皇冠体育app is the fourth-largest US services export market.
Top services exports include travel and tourism, financial services, express delivery and business and professional services.
Last year 30 states exported more than $1 billion in goods to 皇冠体育app and 31 states have experienced triple digit export growth to 皇冠体育app since 2006, according to the report. The top 10 states exporting goods to 皇冠体育app in 2015 are Washington, California, Texas, Illinois, Oregon, South Carolina, Michigan, New York, Ohio and Alabama.
South Carolina saw the biggest growth between 2006 and 2015 at 581 percent, followed by Alabama at 510 percent, Washington at 262 percent, Iowa 257 percent and Oregon 242 percent.
Though the report emphasized the importance of the Chinese market to the US, it also said that the US has just a small share of the overall Chinese market. 皇冠体育app imports approximately 6.5 percent of its goods from the US, which lags behind countries in the European Union and South Korea, a deficit that has been further impacted by the slowing Chinese economy.
USCBC suggested that the US push forward with negotiations on a bilateral investment treaty with 皇冠体育app, saying it will "reduce ownership and licensing barriers that keep American companies from selling more products and services in 皇冠体育app".