Exports to China are an important revenue stream for a wide range of businesses here in the United States. Now, when it comes to exports, many people’s minds may go straight to goods. However, services can be exported as well. Statistics from a recent US-China Business Council report indicate that exports of services to China have grown significantly here in the U.S. in recent years.
According to the statistics, between 2006 and 2015, there was an over 400 percent increase in service exports from the U.S. to China. This outpaces the growth in service exports from the U.S. to other parts of the world. It also outpaces the growth in goods exports from the U.S. to China.
Why do you think there has been such major growth in this particular export area in recent years?
The numbers also point to California being one of the major sources of service exports to China. Reportedly, of the $47 billion in services exported to China from the U.S. in 2015, $7.3 billion came from California. This is the highest total of any state.
So, service exports to China may be important issue for many companies here in California. When exports to China, whether they be of services or goods, are a major part of a company’s overall business model, how Chinese legal issues related to the company’s exports to and business in China are dealt with can have significant impacts on the business’ overall well-being. So, among the types of guidance California companies involved in exporting services to China may want to have is guidance from an attorney knowledgeable of the legal issues connected to U.S.-China business.