U.S.-China shipping in 2005 grew at a faster pace than that of the United States and all world markets, with a drastic widening of the trade imbalance between the two countries, The Colography Group said last week in its annual analysis of air and ocean trade between the United States and 224 trading partners.
U.S. imports by all modes from China rose 19.2 percent last year to 129.6 billion pounds, the Atlanta-based company said. The value of those imports soared 24.4 percent to $235.2 billion.
Total U.S. import tonnage, including from China, rose 4.2 percent. Import value climbed 15.1 percent due to higher petroleum prices. The findings are from Colography Group’s annual U.S. International Cargo by Commodity and Country database.
The United States exported 74.2 billion pounds to China last year, up less than 2 percent from 2004. The value of those goods rose 13 percent. Total U.S. exports, including to China, rose 1.2 percent to 791.2 billion pounds. Their value climbed just under 10 percent.
Another finding for 2005: The United States imported more vessel tonnage from Venezuela than from any other trading partner, underscoring the importance of petroleum products in the trade between the two nations.