The world's largest trading partner: USA vs. China in scope

The United States and China are the world's two largest economies, and their trade relationships have significant implications for global commerce, according to the World Trade Organisation (WTO).

In 2020, the USA had a total trade volume of $4.3 trillion, with imports accounting for $2.5 trillion and exports for $1.8 trillion. China, on the other hand, had a total trade volume of $4.6 trillion, with exports accounting for $2.6 trillion and imports for $2.0 trillion.

When it comes to trade partnerships, the USA partners with numerous countries around the world, including the European Union, Canada, Mexico, and Japan. According to the US Trade Representative, the USA has free trade agreements with 20 countries, covering over 40% of US trade.

China, however, has trade partnerships with over 130 countries, including the European Union, Japan, and South Korea. China is also a key player in regional trade agreements, such as the Regional Comprehensive Economic Partnership (RCEP) and the Belt and Road Initiative (BRI).

Additionally, the trade composition of the USA and China differs significantly. The USA is a major importer of goods, with a significant portion of its imports consisting of electronics, machinery, and vehicles. According to the US Census Bureau, the top US imports in 2020 included:

- Electronics: $444 billion

- Machinery: $343 billion

- Vehicles: $284 billion

China, on the other hand, is a major exporter of goods, with a significant portion of its exports consisting of electronics, textiles, and machinery. According to the National Bureau of Statistics of China, the top Chinese exports in 2020 included:

- Electronics: $683 billion

- Textiles: $143 billion

- Machinery: $134 billion