The recession combined with the scarcity of trade financing has severely affected U.S. exports to Korea. Exports for January-October 1998 are down 42 percent from the same period in 1997. U.S. imports from Korea were up 2 percent. China is considered to offer the lion's share of future growth in sales of goods and services for many American companies. China has become our fourth largest trading partner and supplier of imports.
China is our fifteenth largest destination for U.S. exports.
Since the mid-1980s when U.S. trade with China began to grow substantially, U.S. imports from China have continually outpaced U.S. exports to China. This has resulted in a large and growing trade deficit, now our second largest deficit after Japan. Beijing is the capital and the locus of much of the decision making on infrastructure development, as well as on trade policy. Besides Beijing, two other stops with significant infrastructure opportunities will be selected. The missions will further both U.S. commercial policy objectives and advance specific business interests.