May 27, 2008

Myth: We buy everything from China

This is the kind of thing my dad likes to rant about. He'll comment how "we buy everything from China nowadays". It can seem like its true if you go to the store and look at the "made in China" labels on what seems like everything. But its not really true at all.

Our 2007 annual trade information. In 2007 we imported $2.3 trillion in goods and services. We bought $321 billion from China which is only 13.8% of our imports. Hardly "everything" as my dad would declare. In fact we imported $354B from the European Union which is more than from China and we imported $523 from our neighbors in Mexico ($210b) and Canada ($313b) combined.

We do NOT buy everything from China.

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