ANNUAL REPORT

48
Table 1: U.S. Goods Trade with China, January–August 2016
(US$ billions)
Jan Feb Mar Apr May Jun Jul Aug
Exports
Imports
Balance
Balance YTD
2015
2016
8.2
37.1
(28.9)
8.0
36.2
(28.1)
9.0
29.9
(20.9)
8.7
33.0
(24.3)
8.5
37.5
(29.0)
8.8
38.6
(29.8)
9.2
39.5
(30.3)
9.4
43.3
(33.9)
(29.1)
(28.9)
(51.9)
(57.0)
(83.2)
(77.9)
(110.0)
(102.2)
(140.3)
(131.2)
(172.1)
(161.0)
(203.8)
(191.4)
(238.8)
(225.2)
Source: U.S. Census Bureau.
The United States continues to maintain a sizable surplus in services,
although the amount is much smaller than the U.S. deficit in
goods. In 2015, the U.S. trade surplus in services with China totaled
$29.5 billion, a 5 percent increase from 2014. 97 Total bilateral trade
in services rose approximately 7.9 percent in 2015, with U.S. service
exports growing 7 percent, and Chinese service imports growing
10.5 percent. 98 Tourism and travel, including for business and education,*
is the top U.S. service export to China,† followed by charges
for intellectual property ‡ (see Figure 7); travel is also the top U.S.
service import from China, followed by transportation services. 99
Figure 7: U.S. Service Exports to China, 2015
Other (14%)
Financial
services (7%)
Transport
(10%)
Tourism and
travel, including
for business and
education (54%)
Charges for
the use of
intellectual
property (15%)
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Note: “Other” includes other business services; maintenance and repair services; telecommunications,
computer, and information services; government goods and services; and insurance services.
produced 42.8 percent of China’s exports and 49 percent of its imports. China’s Ministry of Commerce,
Import & Export Statistics by FIEs from Jan to June 2016, July 15, 2016.
* Under international and U.S. standards, tourism is broadly defined to include travel and
related expenses for business purposes and travel and expenses for personal purposes, such as
vacation, education, and medical services. International Monetary Fund, “Balance of Payments
and International Investment Position Manual,” 2009; U.S. Department of Commerce, Comprehensive
Restructuring of the International Economic Accounts: New International Guidelines Redefine
Travel. http://travel.trade.gov/pdf/restructuring-travel.pdf.
† For more on China’s tourism spending and investment in the United States, see Matt Snyder,
“Chinese Tourism and Hospitality Investment in the United States,” U.S.-China Economic and
Security Review Commission, July 25, 2016.
‡ Charges for the use of intellectual property include charges for the use of proprietary rights,
such as patents, trademarks, copyrights, industrial processes and designs, and franchises.