If you export to China, the latest headlines are not good news.
After a decade of rapid growth, China's appetite for goods and raw materials from the rest of the world appears to be slowing. And that's left companies and countries that sell to China wondering just how badly their orders may shrink.
On Tuesday, Beijing reported that China's giant manufacturing sector contracted at the fastest pace in three years. A separate private survey of smaller firms showed the factories slowing to the weakest pace in more than six years.
The slowdown is hitting China's biggest suppliers and major trade partners hardest. In August, exports from South Korea tumbled by nearly 15 percent—the most in six years.
For U.S. exporters, China represents the third-largest market—behind Canada and Mexico—accounting for $120 billion worth of goods last year. But that trade represents only 7 percent of U.S. exports—or less than 1 percent of total gross domestic product, according to economists at Wells Fargo Securities.
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"Even when indirect effects are considered, the United States simply does not seem to have significant economic and financial exposure to China," they wrote in a recent note to clients.
But that impact varies widely from one U.S. state to another, with West Coast states more heavily reliant on Chinese markets.