U.S. exports to China will rise at a faster rate than imports during the next five years, aided by an annual increase of nearly 12 percent in automobile exports, according to a HSBC Bank forecast.
The report forecasts the value of U.S. exports to China will rise at an annualized rate of 7.1 percent, while imports from China will increase at a 4,3 percent rate. The report also forecasts faster growth of exports than imports in trade with South Korea, Mexico, Canada, Japan, Germany, the U.K. and Italy.
Overall U.S. imports and exports are expected to increase at an annual rate of 1.95 percent during the next five years, compared with 3.8 percent trade growth expected for rest of the world. U.S. import-export trade is forecast to accelerate to an annual growth rate of 5.7 percent from 2017 to 2021, while total global trade is expected to grow 6.2 percent in the same period.