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Federal Reserve Bank of San Francisco
FRBSF Economic Letter
The U.S. content of “Made in China”
Galina Hale
Bart Hobijn

Goods and services from China accounted for only 2.7% of U.S. personal consumption expenditures in 2010, of which less than half reflected the actual costs of Chinese imports. The rest went to U.S. businesses and workers transporting, selling, and marketing goods carrying the "Made in China" label. Although the fraction is higher when the imported content of goods made in the United States is considered, Chinese imports still make up only a small share of total U.S. consumer spending. This suggests that Chinese inflation will have little direct effect on U.S. consumer prices.

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Galina Hale & Bart Hobijn, "The U.S. content of “Made in China”" , Federal Reserve Bank of San Francisco, FRBSF Economic Letter, number 25, 2011.
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Keywords: Imports ; Prices
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