For years, China has been fighting to shed its reputation as being the “world’s factory.” While that struggle has birthed some economic uncertainty for the Asian country, China has been experiencing rapid annual growth of over 9 percent. Because of this, many Midwest companies see huge potential in the Chinese market for exports.
China’s demand for U.S. products is growing because “Made in America” speaks volumes to Chinese consumers; signifying high-quality goods that are worth the price.
In 2015, the most recent data available from the US-China Business Council, US goods exports to China reached $113 billion, making it the third-largest export market for US goods behind Canada and Mexico, America’s neighbors and NAFTA partners.
According to the same report, goods exports from Wisconsin to China totaled $1.8 billion, up 90 percent over the last decade, with top goods exports consisting of computers & electronics, machinery, crop production, processes foods and electrical equipment.
While China is Wisconsin’s third largest export destination, Wisconsin’s export numbers pale in comparison to the top U.S. state goods exporters like Washington ($15.3 billion in goods), California ($13.8 billion), Texas ($10.7 billion) and Illinois ($5.5 billion).
The fact that Wisconsin isn’t even in the top 15 of U.S. state goods exporters has many, including the Wisconsin Economic Development Corporation (WEDC) – which is hosting a Global Trade Venture to China in March 2017, seeing huge export potential.
As one of the largest globally-focused and regionally-positioned export and specialty packaging firms, Bentley World-Packaging sees the same potential for Midwest companies. It’s why we’re devoted to helping our customers succeed globally, no matter where they want to take their products.